IndianOil Corporation Reports Loss of Rs. 1,012 Crore in 9 Months, 2014-15

Downstream Oil Company IOC has reported a standalone net loss of Rs. 1,012 crore for the nine months ended 31st December 2014 as compared to a net loss of Rs. 2,371 crore during the corresponding period in the previous year. This is mainly attributed to high inventory losses on account of steep fall in global oil prices which were partly offset by positive contributions from lower unmet under realisation, exchange losses, finance cost and depreciation.

In the first nine months of current fiscal, India's largest PSU oil refiner witnessed an increase of 1.6% in its Income from Operations to Rs. 3,43,694 crore from Rs. 3,38,343 crore in corresponding previous period.

For the quarter ended 31.12.2014, IOC has reported a standalone net loss of Rs. 2,637 crore on Income from Operations of Rs. 1,07,074 crore. During the corresponding period in the previous year, the Corporation reported a net loss of Rs. 961 crore on Income from Operations of Rs. 1,17,672 crore. The variation in profitability is mainly on account of inventory losses ensuing from falling crude/ product prices during the current quarter.

Mr. B. Ashok, Chairman, IndianOil, said, “IndianOil’s product sales volumes including exports was 57.042 Million Tonnes during the first nine months of FY 2014-15. Indianoil's refining throughput was 40.081 Million Tonnes in first nine months of current fiscal. The throughput of the Corporation’s countrywide pipelines network was 57.223 Million Tonnes during the period Apr-Dec'2014

Product sales volumes including exports was 19.243 Million Tonnes during the third quarter of FY 2014-15. Our refining throughput was 13.808 Million Tonnes during current quarter. The throughput of the Corporation’s countrywide pipelines network was 19.294 Million Tonnes during the current quarter.”