IOC net drops 47 per cent on lower refinery margins

New Delhi: State-owned Indian Oil Corp (IOC) on Wednesday reported a 47 per cent drop in its first quarter net profit after refinery margins slumped.

IOC reported a consolidated net profit of Rs 3,737.50 crore, or Rs 4.07 per share in April-June quarter this year, as compared to a net profit of Rs 7,092.42 crore, or Rs 7.48 a share, a year ago, the company said in a regulatory filing.

Revenue was almost flat at Rs 1.53 lakh crore in the first quarter of the 2019-20 fiscal year.

The company earned USD 4.69 on turning every barrel of crude oil into fuel in April-June this financial year, down from USD 10.21 per barrel average gross refining margin in the corresponding quarter of the previous fiscal year.

IOC said it had a foreign exchange gain of Rs 91.75 crore in April-June 2019, as compared to Rs 1,804.85 crore forex loss in the previous year.