IOC Q1 net jumps 390% to Rs 8269 cr; GRMs at $9.98/bbl

Moneycontrol Bureau

IOC has posted better-than-expected net profit at Rs 8269 crore in June quarter up by a whopping 390 percent from Rs 1685.3 crore in last quarter. Total income also rose to Rs 1,07,200.7 crore against Rs 98,704.7 crore on sequential basis.

Gross refining margins in Q1 was at USD 9.98 per barrel from USD 10.77 per barrel in corresponding quarter last fiscal. The board has approved 1:1 bonus issue. According to a CNBC-TV18 poll, the state-run oil retailer first quarter standalone profit was likely to grow more than 3-fold to Rs 4127 crore while revenue was seen rising 20.6 percent to Rs 97,032 crore during the quarter compared in previous quarter.

The oil marketing company had reported a high refining inventory loss of Rs 3,300 crore in Q4FY16, and product inventory loss of Rs 1,100 crore. Hence sequential earnings increase in Q1 is sharp. It had inventory gain at Rs 5256.9 crore in Q1 against inventory loss of Rs 4755.9 crore (QoQ).  During the quarter, its EBITDA rose 188 percent to Rs 13,683.6 crore from Rs 4,749.6 crore while EBITDA margin was at 12.8 percent against 4.8 percent on sequential basis.Other income slipped 34.8 percent at Rs 470.3 crore against Rs 721.5 crore and finance cost also fell 37.3 percent at Rs 680 crore versus Rs 1,085 crore quarter-on-quarter.