InvestorQ : How do you see the sharp increase in profits of Indian Oil in Mar-21 quarter?
sara Kunju made post

How do you see the sharp increase in profits of Indian Oil in Mar-21 quarter?

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Mary Joseph answered.
4 weeks ago
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Indian Oil Corporation, India’s largest oil refining company, posted record consolidated net profit numbers of Rs.21,762 crore for the FY21 full fiscal year. This contrasts with the net loss of Rs.1,876 crore in the previous fiscal of FY20. The spike in profits was largely an outcome of inventory gains due to higher crude translation prices as well as improvement in the gross refining margins or GRMs. Petchem margins also improved.

For FY21, IOCL reported refining throughput of 62.351 MT in total. The gross refining margins or GRM stood at $5.64/bbl against just $0.08/bbl in FY20, which eventually made all the difference between losses and profits. For Mar-21 quarter, IOCL reported net profit of Rs.9,144 crore against net loss of Rs.8565 crore in the corresponding Mar-20 quarter. It was also one of the best quarters reported by IOCL.

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