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The biggest State-owned oil corporation, Indian Oil, reported their quarterly report of the financial year 2019 with a 50.2% surge in net consolidated profit to Rs. 7092.42 crore from the profit of Rs. 4719.71 crore in the previous year same quarter period.
The corporation also registered an increase of 16 % in revenue or turnover as the total revenue from operation stood at Rs. 149747 crore against Rs. 128183 crore from the period a year ago. The Gross Refining Margin or (GRM) increased to US$ 10.21 per barrel as compared to US$ 4.32 per barrel a year before.
The corporation also accounted for the Inventory gain of Rs. 7866 crore during the quarter under review which helped in better revenue. The company’s net standalone profit were reported at Rs. 6831 crore which also represents a 50% hike in comparison to Rs.4549 crore posted in Q1 FY18.
According to the statement of the corporation’s chairman, Indian Oil sold 21.6 Million Tonnes of petroleum products as against 20.7 MT in the domestic market, marking a 4.3% rise in the quarter under review.
