IndianOil Q3 net more than doubles to Rs1,635 crore

Indian Oil Corporation Ltd (IndianOil) has reported a net profit of Rs1,635 crore for the third quarter of the current financial year ended 31 December 2010 against a profit of Rs697 crore for the similar quarter in the previous year - a 134 per cent increase year-on-year.

IndianOil attributed the record profit for the quarter to government compensation of Rs4,442 crore for the third quarter of the current financial year, unaudited financial results released by the company today showed.

The central government partly compensates public sector oil retailers for fuel sales at subsidised prices.

IndianOil's gross turnover for the quarter rose 16.7 per cent to Rs82,179 crore from Rs70,431 crore during the same period last year.

For the nine-month period, IndianOil's turnover went up by Rs35,679 crore while profit went down by Rs1,124 crore. Profit for the period April-December 2010 were Rs3,540 crore against Rs4,664 crore during the corresponding period of the previous financial year.

"IndianOil sold 18.422 million tonnes of products, including exports, during the third quarter of 2010-11. Our quarterly refining throughput was 13.319 million tonnes and the throughput of the corporation's countrywide pipelines network went up by 1.205 million tonnes to 17.080 million tonnes as compared to the corresponding quarter of the previous year," S V Narasimhan, chairman, IndianOil, said.