IOC net drops 47 per cent on lower refinery margins
![Indian Oil Corp (IOC) bagged three fields, the same number as new entrant PFH Oil and Gas Pvt Ltd got. Indian Oil Corp (IOC) bagged three fields, the same number as new entrant PFH Oil and Gas Pvt Ltd got.](https://s3.ap-southeast-1.amazonaws.com/images.asianage.com/images/aa-Cover-tufma193bdvol5oc2hedarbgv6-20170216165933.Medi.jpeg)
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.