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Indian Oil's Q3 Net Profit up 52.2 Percent
Tuesday, 14 February 2012, 16:38 IST
New Delhi: State-owned Indian Oil Corporation (IOC) reported an increase of 52.2 percent in its net profit for the quarter ended December 31, 2011 at 
2,488.44 crore from 1,634.76 crore in the like period of last fiscal.
The company said in a regulatory filing at the Bombay Stock Exchange (BSE) that its total income grew by 42.18 percent at 115,989.38 crore for the quarter under review at 81,574.79 crore in the quarter ended December 31, 2010.
The company received 16,423.91 crore in terms of government's grants in the quarter under review, while it did not receive any aid in Q2 which coupled with other factors resulted in a net loss of 7,485.55 crore in the period ending September 30, 2011. The company also received subsidies from central and state governments worth 512.12 crore in the period under review.
"The company has accounted for budgetary support of 24,624.76 crore for the period of April-December 2011 towards under-recoveries on sale of diesel, kerosene, LPG domestic in profit and loss account as revenue grants," IOC said in a statement.
"The ministry of oil and natural gas has approved discount of 20,189.17 crore for the period April-December 2011 on crude oil petroleum products from ONGC, GAIL, OIL and CPCC towards part of the under recoveries by IOC on sales of diesel, kerosene and LPG cylinders."
The company's Chairman, R.S. Butola, told reporters here, "This (net profit) is in spite of the provision of 6,168 crore towards the entry tax for crude in Mathura. The UP (Uttar Pradesh) government has introduced an entry tax on crude." "This has been factored in the quarterly results, minus the impact of the entry tax the net profit would have been 8,600 crore."
According to Butola, the variation in profit is mostly on account of provision for the entry tax in Mathura of about 6,168 crore, increase in the unmet under recoveries of around 2,784 crore and rise in interest expenditure of 2,285 crore in the nine month ended December 31, 2011.
The company said that consequent to the non-revision of retail selling prices in line with international prices, the company has suffered net under-recoveries of 8,507.11 crore on sale of diesel, kerosene and LPG cylinder from April-December 2011.
The average gross refining margins for the April-December 2011 period was $3.41 per barrel, compared to $5.05 per barrel for the corresponding period last year.
For the nine months ended December 31, 2011 the company reported a net loss of 8,715.81 crore compared to a net profit of 3,540.32 crore for the corresponding period last year.
The company said that in view of loss for the nine months and due to uncertainty in estimation of profit for the year pending clarity on the extent of compensation for the under recoveries suffered on sales of diesel, kerosene and LPG cylinder, no provision has been made for current tax and deferred tax for the current period.
Source: IANS
2,488.44 crore from 1,634.76 crore in the like period of last fiscal.
The company said in a regulatory filing at the Bombay Stock Exchange (BSE) that its total income grew by 42.18 percent at 115,989.38 crore for the quarter under review at 81,574.79 crore in the quarter ended December 31, 2010.
The company received 16,423.91 crore in terms of government's grants in the quarter under review, while it did not receive any aid in Q2 which coupled with other factors resulted in a net loss of 7,485.55 crore in the period ending September 30, 2011. The company also received subsidies from central and state governments worth 512.12 crore in the period under review.
"The company has accounted for budgetary support of 24,624.76 crore for the period of April-December 2011 towards under-recoveries on sale of diesel, kerosene, LPG domestic in profit and loss account as revenue grants," IOC said in a statement.
"The ministry of oil and natural gas has approved discount of 20,189.17 crore for the period April-December 2011 on crude oil petroleum products from ONGC, GAIL, OIL and CPCC towards part of the under recoveries by IOC on sales of diesel, kerosene and LPG cylinders."
The company's Chairman, R.S. Butola, told reporters here, "This (net profit) is in spite of the provision of 6,168 crore towards the entry tax for crude in Mathura. The UP (Uttar Pradesh) government has introduced an entry tax on crude." "This has been factored in the quarterly results, minus the impact of the entry tax the net profit would have been 8,600 crore."
According to Butola, the variation in profit is mostly on account of provision for the entry tax in Mathura of about 6,168 crore, increase in the unmet under recoveries of around 2,784 crore and rise in interest expenditure of 2,285 crore in the nine month ended December 31, 2011.
The company said that consequent to the non-revision of retail selling prices in line with international prices, the company has suffered net under-recoveries of 8,507.11 crore on sale of diesel, kerosene and LPG cylinder from April-December 2011.
The average gross refining margins for the April-December 2011 period was $3.41 per barrel, compared to $5.05 per barrel for the corresponding period last year.
For the nine months ended December 31, 2011 the company reported a net loss of 8,715.81 crore compared to a net profit of 3,540.32 crore for the corresponding period last year.
The company said that in view of loss for the nine months and due to uncertainty in estimation of profit for the year pending clarity on the extent of compensation for the under recoveries suffered on sales of diesel, kerosene and LPG cylinder, no provision has been made for current tax and deferred tax for the current period.
Source: IANS