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Indian Oil’s net profit rises 25% in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 30/08/2016 (14:46)
According to media reports, state-owned Indian Oil’s net profit rose around 25.4% in the three months ended in June to 82.69 billion rupees ($1.23 billion) from 65.91 billion rupees in the same period of 2015. The increase was driven by stronger petrochemical margins and inventory gains.

However, Indian Oil’s revenues fell 6.1% to 1.07 trillion rupees during the same period. The company’s petroleum product sales fell 4.6% to 1.03 trillion rupees while its petrochemical revenue also slid 5.9% to 46.83 billion rupees.

The company also reported that its average gross refining margin fell to $9.98 per barrel in the April-June period from $10.77 per barrel a year earlier.
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