IndianOil profit jumps 51 percent in Q1

Thursday, 31 July 2003, 07:00 Hrs
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Refining major Indian Oil Corporation Ltd (IndianOil) has registered a 51.15 percent jump in net profit in the first quarter of 2003-04 over the corresponding period last year.

NEW DELHI: Its net profit increased to 9.45 billion in the first quarter this year over 6.25 billion in the corresponding quarter last year, thanks to an emphasis on customer satisfaction, better product quality and technology, the company said Wednesday.

An "improvement in refinery margins and receipt of prior year margin dues, firming up of the Indian currency against the dollar also contributed to the enhanced bottom line," IndianOil chairman M.S. Ramachandran said in a statement.

"With the good monsoon this year and the consequent increased activities in agricultural and industrial sectors, the demand for petroleum products is likely to look up in the current fiscal, providing opportunities for further growth," he said.

The oil major's sales turnover during the April-June quarter rose 10.7 percent to 308.74 billion, against 278.98 billion for the same quarter last year.

IndianOil with its seven refineries and pipelines achieved a record output of 8.54 million tonnes in the first quarter as against 8.46 million tonnes in the same quarter in 2002-03.

Its pipeline network transported 10.72 million tonnes of crude oil products as against 9.72 million tonnes last year.

Source: IANS

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