Indian Oil Corporation in May reported a net profit of Rs 8,781.30 crore for the January-March quarter. During the same period of FY20, the company had reported a net loss of Rs 5,185.32 crore. The profits during the last quarter of FY21 came on account of higher inventory gain and higher petrochemical margin during the current year. Its revenue from operations for the period under review increased 17.7 per cent to nearly Rs 1.64 lakh crore, the company said in a regulatory filing. The Board of Directors of the corporation has declared a final dividend of Rs 1.50 per equity share.

Indian Oil Chairman, S.M. Vaidya, said, “IndianOil sold 81.027 million tonnes of products, including exports, during the year April-March 2021. Our refining throughput for the FY 2020-21 was 62.351 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 76.019 million tonnes during the year. The gross refining margin (GRM) during the year April - March 2021 was $5.64 per bbl as compared to $0.08 per bbl in the previous financial year.”