Indian Oil net gains 18.4% to Rs 3,696 crore for September


New Delhi: Indian state owned oil and gas company Indian Oil Corp. Ltd on Friday posted a 18.4% increase in net profit to Rs3,696.29 crore for September quarter from a year before on raised volumes regardless of augmented costs.

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Corporation informed stock exchanges that net profit gained 10% to Rs1.1 trillion in September quarter from a year before as the corporation grew sale of refinery products in the Indian and export markets. Indian Oil Chairman Sanjiv Kumar further stated that the changes in net profit in second quarter on account of stock increased.

The gross refinery edge for the second quarter was $7.98 a cask contrast to $4.32 a cask a year before. But in first six months of the present financial September, Indian Oil posted reduced net profit of Rs 8,245 crore next to Rs 11,391 crore a year before, mostly due to inventory losses.

Market sales in the September quarter grew to 19 million tonnes (mt) from 18.5 (mt) a year before, whereas exports augmented to 1.9 mt from 1.2 mt earlier year.

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The corporation further stated that the Odisha administration offers an interest-free loan of Rs700 crore a year for 15 years in quarterly installments of Rs175 crore from April 2016 repayable following 15 years.