IOC posts Rs 3,122 cr Q2 profit compared to loss in Q2 2015

New Delhi, Oct 27 (IANS) State-run oil marketer Indian Oil Corp (IOC) on Thursday reported a net profit of Rs 3,121.89 crore for the second quarter ended September, as compared to a net loss of Rs 450.24 crore in the same quarter of the previous fiscal.

The company’s total income during the quarter at Rs 1,01,128.07 crore rose 3.43 per cent over the same period a year ago.

Sequentially, however, IOC’s net profit slipped 62 per cent, from Rs 8,269 crore in the previous quarter.

Its total income also fell sequentially by 6.5 per cent, compared to the Rs 1.07 lakh crore income in the first quarter of this fiscal.

Average gross refining margin (GRM), or the earning on refining crude oil, was reported at $7.19 per barrel during April-September 2016, over the $5.76 per barrel earned in April-September 2015.

IOC has accounted for budgetary support of Rs 2,784.64 crore in April-September 2016, as revenue grants, compared with budgetary support of Rs 3,448.32 crore in April-September 2015.

Indian Oil said that in the first half of the fiscal it had not suffered any net under-realization, or loss, on account of selling fuel below cost.

The results came in during market hours and the IOC stock closed on Thursday at Rs 312.40 a share — down 9.65 points or three per cent on its previous close on the Bombay Stock Exchange (BSE).