IOC profit hits record high of Rs 21,836 crore in FY 21

It attributed the rise in revenue to stock positive aspects, stemming from fluctuations in world oil costs and rising gross sales of high-margin petrochemical merchandise.

Indian Oil Corporation (IOC) on Wednesday reported a internet revenue of Rs 21,836 crore on a standalone foundation for the fiscal ended March 31, which is almost 17 occasions larger from the Rs 1,313 crore revenue posted a yr in the past.

That is the very best annual revenue ever reported by the state-run oil refining and advertising firm. It attributed the rise in revenue to stock positive aspects, stemming from fluctuations in world oil costs and rising gross sales of high-margin petrochemical merchandise.

The corporate additionally introduced the board’s approval to increase the capability of Guwahati refinery to 1.2 million tonne each year (MTPA) from 1 MTPA.

As retail costs of petroleum merchandise are mapped with worldwide charges, rise of worldwide oil costs throughout FY21 meant that by the point IOC bought its merchandise after processing crude, retail charges had elevated. IOC’s gross refining margin, together with stock positive aspects, was $5.64/barrel in opposition to the margin of $0.08/barrel in FY20.

IOC bought 81 MT of petroleum merchandise within the fiscal, marking an annual drop of 9.7%, primarily because of the lockdown to include the outspread of the coronavirus. IOC achieved highest ever petrochemical gross sales of two.5 MT in FY21, up 20% yearly. The petrochemicals section reported a turnover of Rs 19,564 crore, 24% greater than FY20.

“Our refining throughput for the FY21 was 62.351 MT and the throughput of the company’s countrywide pipelines community was 76.019 MT in the course of the yr,” IOCL chairman SM Vaidya, mentioned.

The corporate’s income within the interval fell 8.9% yearly to Rs 5.19 lakh crore, whereas bills dropped by a sharper 12.8% to Rs 4.89 lakh crore. Finance value fell 48% to Rs 3,093.9 crore, adjusting international alternate positive aspects of Rs 1,154.4 crore. IOC’s board on Wednesday has additionally declared an interim dividend of Rs 1.50 per fairness share.