Indian Oil Corporation (IOC) on Saturday reported a 2 per cent increase in net profit for the second quarter at ₹6,360 crores as compared with ₹6,227 crores in the corresponding quarter of FY21 on account of higher refining margin.

Meanwhile, net profit for the six months ended September 30 was higher at ₹12,301 crore as compared to ₹8,138 crore during the corresponding period, mainly on account of higher inventory gain and higher refining margins during the second quarter.

The company said that its Board of Directors has declared an interim dividend of ₹5 per equity share (face value of ₹10 each).

Also see: ‘Refining’ India’s oil purchasing strategy

Revenue from operations came in at ₹3,24,827 crore for the period April – September 2021 as compared to ₹2,04,693 crore in the corresponding period of FY2 Revenue from operations stood at ₹1,69,771 crore in Q2FY22 as compared to ₹1,15,754 crore in the corresponding quarter of FY21.

“IndianOil sold 40.506 million tonnes of products, including exports, during April–September 2021. Our refining throughput for the first six months of FY22 was 31.996 million tonnes and the throughput of the corporation’s countrywide pipelines network was 39.408 million tonnes. The gross refining margin (GRM) during the period was $6.57 per bbl as compared to $3.46 in corresponding period of the previous financial year,” IndianOil Chairman, S M Vaidya, said in a statement.

Also see: Inflation could singe Indian consumers as manufacturers hike prices

“For the second quarter of FY22, IndianOil’s product sales volumes, including exports, was 20.181 million tonnes. The refining throughput was 15.277 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 19.533 million tonnes during the quarter,” Vaidya added.