Home / Business / IOC Q4 net profit rises 17% to ₹6,099 crore

IOC Q4 net profit rises 17% to ₹6,099 crore

NEW DELHI: India’s largest oil refiner and fuel retailer Indian Oil Corporation (IOC) on Friday posted a 17% rise in its fourth quarter net profit as inventory and forex gains made up for lower refinery margins.

Net profit stood at Rs 6,099 crore, or Rs 6.5 per share, against Rs 5,218 crore, or Rs 5.5 per share, in the year-ago period, chairman Sanjiv Singh told reporters. For the full 2018-19, net dipped 21% to Rs 16,894.2 crore against Rs 21,346 crore in 2017-18.

IOC director (finance) A K Sharma said borrowings went up in the January-March 2019 period because of Rs 19,000 crore unpaid cooking fuel subsidy from the government. As a result, the company’s debt rose to Rs 86,359 crore at the end of March 31, 2019 from Rs 58,030 crore as on March 31, 2018.

The company made an inventory gain of Rs 2,655 crore in the period under review against Rs 4,172 crore in the corresponding previous period. It made Rs 837 crore as forex gain against a running up loss of Rs 676 crore in the year-ago period. Inventory gain occurs when crude prices rise by the time a consignment bought at lower rate is refined.

News credit : Indiatimes