New Delhi, May 27: State-run Indian Oil Corp on Friday reported an 80 % fall in web revenue for the fourth quarter ended March, brought on by stock losses on account of fall in international crude costs, at Rs.1,235.64 crore in opposition to Rs.6,285 crore in the identical quarter a 12 months in the past.
“This was because of stock lack of Rs.three,335 crore as in opposition to Rs.871 crore stock loss in This autumn of 2014-15,” IOC chairman B.Ashok informed reporters right here.
He stated there was additionally provisioning of Rs.881 crore made for impairment of asset following sharp fall in crude oil costs and Rs.612 crore had been provisioned for improve in rental for petrol pumps in Delhi.
“For oil corporations, profitability ought to be checked out from the perspective of the total yr,” he mentioned.
For the total fiscal 2015-16, IOC posted a file net revenue of Rs.10,399 crore, which was nearly double of Rs.5,273.03 crore net revenue within the earlier fiscal.
“We’ve had an outstanding 12 months when it comes to each working performance and revenue,” the chairman stated.
“The revenue in 2015-16 is the very best ever and higher than Rs.10,200 crore revenue in 2009-10,” he added.
IOC refineries processed a report 56.2 million tons of crude oil 2015-16, up from 53.6 million tons within the earlier yr.
Gasoline gross sales soared 6 % to document 72.7 million tons, whereas petrochemical gross sales had been up 2 % to 2.538 million tons.
Turnover, nevertheless, fell 11.four % to Rs.450,738 crore owing to the autumn in oil costs.
The revenue was boosted by a pointy drop in income loss, or under-recoveries, on sale of LPG and kerosene under price, due to the fall in worldwide oil costs.
For the January-March quarter, IOC had gross refining margin $eight.7 per barrel of crude oil, up from $three a barrel earned in the identical interval a 12 months earlier.
Indian Oil inventory closed on Friday Rs.414.05 a share, three.01 p.c increased than its earlier shut on the Bombay Stock Exchange.
