Indian Oil's H1 Profit Almost Doubles

Indian Oil Corporation posted a profit of rupees 113.91bn ($1.7bn) for the half year ended September 30, 2016; almost double the rupees 61.41bn during the corresponding period of the previous year.

The income from operations for the first half of fiscal 2016-17 (April-March) was rupees 2,074.75bn as compared with rupees 2,110.43bn in corresponding period of FY 2015-16, owing to lower international prices, the state owned company said October 27. 

Income from operations in July-September was rupees 1,002.74bn as against rupees 972.99bn in the corresponding quarter of previous fiscal. Profit for the second quarter was rupees 31.22bn as compared with a loss of rupees 4.5bn a year ago. According to Indian Oil the rise in profit is mainly due to improved refining and petrochemical margins. 

Indian Oil sold 41.076mn metric tons of products, including exports, during the first six months of 2016-17.

Shardul Sharma