Public sector company with three times the profit …!
Indian Oil Corporation, a state-owned company, is the largest oil and gas company. It has tripled its profits in the April-June quarter. It also reported higher profits due to refining margins and higher oil reserves.
How much profit?
The oil company’s net profit rose to Rs 5,941.37 crore in the June quarter. 1,910.84 crore during the same quarter a year ago. Revenue from the same process increased by 74% to Rs 1.55 lakh crore.
How much profit per barrel?
It is India’s largest oil company, which has made a profit of $ 6.58 per barrel in converting crude oil to fuel in the last quarter. It had a profit of $ 1.98 in the previous year.
In the midst of the second phase of corona impact in the country, crude oil demand was hit the hardest. Especially last April-May came from severe vulnerabilities. Thus there were strict lockdown measures to control the impact.
It was okay than last year however vehicles were allowed more often than last year. Thus the growth rate has increased slightly compared to last year. In addition, fuel prices continue to peak, further encouraging this.
However the growth rate is slightly lower than last quarter. Revenue fell 4.1% to Rs 1.19 lakh crore. Experts say the ratio is 1.28 lakh crore. Profit from the same activity declined by 17.6% to Rs 11,261.1 crore.
Other revenue decline The other other income ratio declined by 48.8% to Rs 563.6 crore. Operating margin fell to 9.4% from 10.9%. However, it is noteworthy that fuel consumption in India fell by 10.4% in the last quarter. Aviation fuel demand in particular has fallen by 30% and seen the worst decline. The same petrol and diesel demand fell by 13.2% and 10.5% respectively.
A senior official shared with Tamil Goodreads that Indian Oil Corporation plans to invest Rs 7,112 crore over the next three years to improve infrastructure in Tamil Nadu. Not only IOC but also its subsidiary Chennai Petroleum Corporation is looking to invest Rs 37,112 crore in Tamil Nadu.
RS7,112 crore investment will include upgrading of pipelines, construction work and additional facilities to manage petrol and diesel products.
Gas supply Not only that, Indian Oil is also planning to invest in gas distribution networks in cities including Salem and Coimbatore.
Ennore LNG Terminal
Work has already started to transport petroleum products by pipeline from Ennore LNG terminal to various destinations. On the other hand, an additional Rs 5,151 crore is expected to be allocated for the Ennore LNG terminal project in December.
Indian Oil Corporation (IOC) has not disclosed how many jobs it will create as it plans to invest crores of rup
ees in Tamil Nadu.