IOC reports Q1 profit of Rs.1468.41 Crores

Indian Oil Corporation Ltd (IOC) has announced the following Un-Audited results for the quarter ended June 30, 2007.

The Company has posted a net profit of Rs 14684.10 million for the quarter ended June 30, 2007 as compared to Rs 13218.20 million for the quarter ended June 30, 2006. Total Income has increased from Rs 488196.80 million for the quarter ended June 30, 2006 to Rs 545530.10 million for the quarter ended June 30, 2007.

The company has reported an Earnings Per Share (EPS) of Rs.12.32 for the Quarter ending June 30, 2007 compared to Rs.15.24 for Quarter ending June 30, 2006.

The stock was trading at Rs.400.50, down by Rs.1.65 or 0.41%. The stock hit an intraday high of Rs.405.90 and low of Rs.397. The total traded quantity was 86767 compared to 2 week average of 60016.

Average Gross Refining Margins during the quarter ended June 30, 2007 was US $ 10.70 per bbl (April-June O6: US $ 6.70 per bbl).

Raw Material cost and ‘Purchase of Products for resale’ includes Rs 24400.10 million for the period April-June 2007 (April-June 2006: Rs 33804.40 million) towards discount receivable from ONGC/GAIL/OIL, reckoned on ‘Provisional Basis’ as per Government of India’s advice.

Due to non-revision of retail selling prices in line with international prices, the Company has suffered net under-realisation of Rs 48794.90 million during April - June 2007 (April-June 2006: Rs 55041.60 million) on sale of MS HSD, SKO (PDS) and LPG (Domestic).

Consequent to merger of IBP Co Ltd with IOCL effective May 02, 2007 with appointed date being April 01, 2004, the figures for the previous quarter April-June 2006 have been recast accordingly.

The Scheme of Amalgamation for merger of Bongaigaon Refinery & Petrochemicals Ltd with Indian Oil Corporation Ltd with a swap ratio of 4:37 has been approved by the Board of Directors at its meeting held November 29, 2006 and is awaiting Government’s approval.

Source : Equity Bulls

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