IndianOil reports highest ever profit of Rs 19,106 crores in FY 17

IndianOil reports highest ever profit of Rs 19,106 crores in FY 17

Team EnergyInfraPost
India’s largest oil refining and marketing company-Indian Oil Corporation (IndianOil) on Thursday announced an 85% increase in its net profit to rs 3721 crore.

“Profit for the last quarter of 2016-17 is Rs. 3,721 crore as compared to Rs. 2,006 crore in the corresponding quarter of 2015-16,” IndianOil said
Addressing a news conference in the capital on Thursday, chairman and managing director, IndianOil, B Ashok said For the last quarter of 2016-17, IndianOil’s product sales volumes, including exports, was 21.100 million tonnes.
The company has posted a net profit of Rs. 19,106 crore for the financial year 2016-17 as compared to a profit of Rs.11,242 crore in the last fiscal.

The income from operations for the financial year 2016-17 was Rs. 4,45,373 crore as compared to Rs. 4,06,828 crore in 2015-16. The audited financial results of Indian Oil Corporation (IndianOil) were approved at the meeting of the Board of Directors held on Thursday.

IndianOil’s income from operations was Rs.1,22,285 crore in Q4 FY 16-17 as compared to Rs. 98,719 crore in the corresponding quarter of 2015-16. The Board of Directors recommended a final dividend of 10% (Rs. 1 per share). This is in addition to Interim Dividend of 180% (Rs. 18.00 per share) paid during the year.
Accordingly to IndianOil Chairman, Mr. B. Ashok, IndianOil sold 83.490 million tonnes of products, including exports, during 2016-17.

“Our refining throughput for FY 2016-17 was 65.191 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 82.490 million tonnes during the same period. The gross refining margin (GRM) during the year 2016-17 was US$ 7.77 per bbl as compared to US$ 5.06 per bbl in 2015-16.”
The refining throughput was 17.087 million tonnes in Q4 FY 16-17 and the throughput of the Corporation’s countrywide pipelines network was 19.843 million tonnes during the same period. The gross refining margin (GRM) for the last quarter of 2016-17 was US$ 8.95 per bbl as compared to US$ 2.99 per bbl in the corresponding quarter of 2015-16.

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