IOC Q1 profit almost halves, revenue slides

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Indian Oil Corporation (IOC) reported a decline of almost 47% in standalone net profit to ₹1,911 crore for the first quarter ended June 30, 2020.

Revenue from operations plunged about 41% to ₹88,937 crore.

IOC said its board had approved the implementation of an Integrated Para-Xylene (PX) and Purified Terephthalic Acid (PTA) complex project at Paradip, Odisha, at an estimated cost of ₹13,805 crore. The PX-PTA complex will shall be integrated with IndianOil’s Paradip Refinery, which has been operational since 2015.

IOC chairman S.M. Vaidya, said , “IndianOil sold 16.504 million tonnes of products, including exports, during the first quarter of financial year 2020-21…The gross refining margins (GRM) during the first quarter of FY 20-21 was ($1.98) per barrel as compared with $4.69 per barrel in the year-earlier period. The core GRM for current period after offsetting inventory loss/ gain comes to $4.27 per barrel.” He saidcapacity utilisation rose to 93% in the first week of July but has since slid to 75% due to extended lockdowns in States. We do not see demand for auto fuels to regain pre-COVID-19 levels in the near future,” he said.

In a communication to the stock exchanges, the company said the outbreak of Coronavirus (COVID-19) globally and in India has impacted businesses and economic activities in general.

“The revenue of the company and other consequential expenses during the period has decreased due to nationwide lockdown for COVID-19. The company’s sales during the month of April 2020 was impacted significantly by the nationwide lockdown and consequently, capacity utilisation of the plants was lower. However, the same has come back close to normal levels by the month of June 2020,” it said,

IOC said it is positive on the long-term business outlook as well as its financial position and is closely monitoring any material changes to future economic conditions.

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