Indian Oil records profit of Rs 19,106 crore for FY 2016-17

The country’s leading OMC reported its highest ever profit of Rs 19,106 crore for the FY 2016-17 a jump of 70 percent compared to Rs 11,242 crore for FY 2015-16.

IndianOil saw revenues of Rs 4,45,373 crore in FY 2016-17 compared to Rs 4,06,828 for same period last year an increase of 9.47 percent, in Q4 FY2017 revenues stood at Rs 1,22,285 crore a jump of 24 percent compared to same period last year.

The company reported profits of Rs 3,721 crore in Q4 FY2017 compared to Rs 2,006 crore for the same quarter last year an increase of 85.49 percent.

IndianOil chairman B Ashok, said “IndianOil sold 83.490 million tonnes of products, including exports, during 2016-17. Our refining throughput for FY 2016-17 was 65.191 million tonnes and the throughput of the Corporation's countrywide pipelines network was 82.490 million tonnes during the same period. The gross refining margin (GRM) during the year 2016-17 was US$ 7.77 per bbl as compared to US$ 5.06 per bbl in 2015-16.”

For the Q4 FY 2016-17, the company reported sales volumes, including exports at 21.100 million tonnes, the refining throughput was 17.087 million tonnes in Q4 FY 16-17 and the throughput of the Corporation's countrywide pipelines network was 19.843 million tonnes during the same period. The gross refining margin (GRM) for Q4 FY2016-17 was US$ 8.95 per bbl as compared to US$ 2.99 per bbl in Q4 FY2015-16.