IOC reports H1 net profit of Rs1,624 crore despite Q2 loss

State-run oil refining and distribution major Indian Oil Corporation has reported a standalone net profit of Rs1,624 crore for the half year ended 30 September 2014 compared to a net loss of Rs1,409 crore during the corresponding period in the previous year, mainly due to lower foreign exchange losses, finance cost and depreciation partly offset by lower refining margins.

In the first six months of current fiscal, India's largest PSU oil refiner witnessed an increase of 7.2 per cent in its income from operations to Rs2,36,621 crore, from Rs2,20,671 crore in the corresponding previous year period.

For the quarter ended 30 September 2014, IOC has reported a standalone net loss of Rs898 crore on income from operations of Rs1,11,664 crore. During the corresponding period in the previous year, the corporation reported a net profit of Rs1,684 crore on income from operations of Rs1,10,204 crore. The variation in profitability is mainly on account of lower refining margins arising out of inventory losses ensuing from falling crude/ product prices during the current quarter, IOC stated in a release.

"IndianOil's product sales volumes, including exports, was 37.799 million tonnes during the first six months of FY 2014-15. IndianOil's refining throughput was 26.273 million tonnes in the first half year of current fiscal. The throughput of the corporation's countrywide pipelines network was 37.929 million tonnes during the period Apr-Sept'2014,'' IndianOil chairman B Ashok said.

''Product sales volumes, including exports was 18.027 million tonnes during the second quarter of FY 2014-15. Our refining throughput was 13.407 million tonnes during the current quarter. The throughput of the corporation's countrywide pipelines network was 19.039 million tonnes during the current quarter," he added.