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Indian Oil Q3 earnings: Net profit jumps 62% to Rs 4,359 crore

NEW DELHI: Indian Oil Corporation on Friday said its consolidated
net profit climbed 62.41 per cent to Rs 4,359.11 crore in the December quarter, from Rs 2,683.87 crore reported in the corresponding period a year ago.

The state-owned company said its revenue from operations rose 0.57 per cent to Rs 1,47,810.23 crore, compared with Rs 1,46,967.12 in the year-ago period.

Average Gross Refining Margin (GRM) for the period April- December 2020 was at $2.96 per bbl against $3.34 per for the same period last year. The core GRM or the current price GRM for the period April- December 2020 after offsetting inventory loss/gain comes to $1.45 per bbl, said the oil refiner.

Indian Oil said its expenses towards raw material (crude oil) came down by Rs 18,000 crore in December quarter likely due to a fall in crude oil price compared to last year. Inventory cost and finance expenses also fell sharply.

During the quarter, the company sold 21.425 MMT (million metric tonnes) of oil products in domestic markets, on par with 21.864 MMT last year. Exports stood at 1.608 MMT against 1.545 MMT.

Refinery throughput stood at 17.860 MMT and pipeline throughput at 21.806 MMT, both slightly higher than the comparable period last year.

The Board of Directors in its meeting also approved an interim dividend of Rs 7.50 per equity share.

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