NEW DELHI: A freeze on petrol and diesel costs amid declining crude through the July-September interval helped IndianOil, the nation’s largest oil refiner and gas retailer, bounce again into black with a good-looking revenue of Rs 12,967 crore within the third quarter towards a lack of Rs 272 crore within the earlier corresponding interval.
The board on Tuesday accredited an interim dividend of Rs 5 per share, or 50%, for the present fiscal.
The sharp turnaround was aided by a 14% drop in crude costs from the year-ago interval helped the state-run large cowl previous losses and make greater than half of its highest annual revenue of Rs 24,184 crore in 2021-22 in simply six months of the present fiscal.
IndianOil didn’t disclose the refining margin within the September quarter however stated it earned greater than $13 on every barrel of crude it processed per barrel within the six months to September towards $25.4 per barrel within the first half of 2022-23.
The corporate not directly admitted to benefitting from the gas worth freeze when it stated the revenue was aided by increased advertising margins and decrease trade losses. IndianOil in addition to its public sector siblings Bharat Petroleum and HIndustan Petroleum had suffered in depth losses through the April-September interval of 2022-23 as they didn’t elevate pump costs on casual authorities nudge to guard shoppers as oil costs shot by means of the roof.
Pre-tax earnings from sale of petroleum merchandise soared to Rs 17,755.9 crore within the September quarter of the present fiscal in comparison with Rs 104 crore in the identical interval final yr. However income fell to Rs 2 lakh crore from Rs 2.2 lakh crore a yr in the past resulting from decrease oil costs.
The board on Tuesday accredited an interim dividend of Rs 5 per share, or 50%, for the present fiscal.
The sharp turnaround was aided by a 14% drop in crude costs from the year-ago interval helped the state-run large cowl previous losses and make greater than half of its highest annual revenue of Rs 24,184 crore in 2021-22 in simply six months of the present fiscal.
IndianOil didn’t disclose the refining margin within the September quarter however stated it earned greater than $13 on every barrel of crude it processed per barrel within the six months to September towards $25.4 per barrel within the first half of 2022-23.
The corporate not directly admitted to benefitting from the gas worth freeze when it stated the revenue was aided by increased advertising margins and decrease trade losses. IndianOil in addition to its public sector siblings Bharat Petroleum and HIndustan Petroleum had suffered in depth losses through the April-September interval of 2022-23 as they didn’t elevate pump costs on casual authorities nudge to guard shoppers as oil costs shot by means of the roof.
Pre-tax earnings from sale of petroleum merchandise soared to Rs 17,755.9 crore within the September quarter of the present fiscal in comparison with Rs 104 crore in the identical interval final yr. However income fell to Rs 2 lakh crore from Rs 2.2 lakh crore a yr in the past resulting from decrease oil costs.
