State-run Indian Oil Corporation has posted a 45 per cent drop in net profit for the first quarter of the financial year 2017-18 to Rs 4,548.51 crore, as against Rs 8,268.98 crore during the same time last year.
Meanwhile, the company’s total income for the April to June quarter of the financial year zoomed 20 per cent to Rs 1,29,418.11 crore, compared to Rs 1,07,670.95 crore during the first quarter of 2016-17. The average gross refining margin (GRM) for the quarter under review stood at $4.32 per barrel, while the GRM for April to June 2016-17 was $9.98 per barrel.
During the first quarter domestic product sales saw a marginal increase 20.736 million metric tonne, 20.415 MT during the same period in the previous financial year. During the quarter, the company has settled the liability for entry tax in the state of Haryana, which was about Rs 2,808.05 crore. Read More…
Credit By: Business Standard
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