Indian Oil’s Profit Rises 25%, Refining Margins Shrink in First Quarter
Indian Oil Corporation, the country's largest oil refiner, saw a 25.5 percent profit growth for the first quarter of financial year 2016-17, beating street estimates.
Net profit for the April-June period grew to Rs 8,269 crore from Rs 6,590.8 crore in the corresponding period last year, it said in a stock exchange filing. The consensus of analyst estimates tracked by Bloomberg was Rs 4,472.72 crore.
Revenue for the quarter-ended June decreased 5.9 percent to Rs 1,06,775.2 crore from Rs 1,13,444.4 crore in the same quarter of the previous year.
Earnings before interest, taxes, depreciation and amortisation increased 31.9 percent to Rs 13,683.5 crore from Rs 10,376.9 crore year-on-year. The EBITDA margin expanded by 360 basis points to 12.76 percent from 9.12 percent on a yearly basis.
Gross refining margins for the company in the first quarter declined year-on-year to $9.98 per barrel as compared to $10.77 per barrel previously.
The company's refineries throughput increased to 16 million metric tonnes against 13.6 million metric tonnes, on a yearly basis. Pipelines throughput too increased to 21.4 million metric tonnes from 18.9 million metric tonnes.
The IOC board has recommended issue of bonus shares in the ratio of one equity share of Rs 10 for one existing equity share of Rs 10 each.
Following the announcement, shares of Indian Oil were trading 0.24 percent higher than previous day close at Rs 575.15 a piece on the Bombay Stock Exchange at 2:46 pm.
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