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Last Updated : Nov 02, 2018 01:46 PM IST | Source: Moneycontrol.com

IOC Q2 profit falls 52.5% to Rs 3,247 crore; posts weak operational show

The earnings before interest, taxes, depreciation and amortization (EBITDA) fell 46 percent to Rs 6,762 crore against Rs 12,576 crore from the previous quarter.

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Indian Oil Corporation (IOC), reported a fall of 52 percent (quarter-on-quarter) in its net profit for the September quarter at Rs 3,247 crore. The company had reported a net profit of Rs 6,831.13 crore in the previous quarter.

The revenue rose to Rs 1.32 lakh crore during the quarter under review, a marginal rise from Rs 1.29 lakh crore in the June quarter.

The earnings before interest, taxes, depreciation and amortization (EBITDA) fell 46 percent to Rs 6,762 crore against Rs 12,576 crore from the previous quarter.

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The operating margin fell to 5.1 percent from 9.7 percent during the June quarter.

The company reported an average gross refining margin (GRM) at USD 8.45 per barrel.

During the quarter, the company has settled its liability for entry tax in the State of Bihar consequent to the order of Commercial Tax Tribunal, Patna and accordingly, an amount of Rs 1,155.02 crore, being provision no more required, has been written back and included in Revenue from Operations, the company said in an exchange filing.

Further, the company outlined that employee benefit expenses of Rs 1,266.52 crore towards one time contribution for superannuation benefit scheme for past periods.

Meanwhile, there was a foreign exchange loss of Rs 4,424.57 crore included in Other Expenses.

At 13:42 hrs Indian Oil Corporation was quoting at Rs 148.70, up Rs 7.35, or 5.20 percent, on the BSE. It touched an intraday high of Rs 150.95 and an intraday low of Rs 145.05.

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First Published on Nov 2, 2018 01:46 pm
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