Oil marketing firm Indian Oil Corporation Limited (IOCL) on Friday posted 40 per cent year-on-year fall in its consolidated net profit at Rs 2,227 crore for the quarter June 30 as compared to a net profit of Rs 3,738 crore in Q1 FY20.
The revenue too crashed by 41 per cent to Rs 90,106 crore during Q1 FY21 from Rs 1.52 lakh crore in Q1 FY20.
IOC said the spread of Covid-19 along with nationwide lockdown starting from March 25 caused serious threat to human lives and resulted in reduction in global demand and disruption in the supply chain, which forced the businesses to restrict or close the operations in short term.
During the lockdown period, petroleum business continued its operations under essential services. “The revenue of the holding company and other consequential expenses during the period is decreased due to nationwide lockdown for COVID-19,” company said in a statement.
IOC said the average gross refining margin (GRM) for the period April to June 2020 works out to 1.98 dollars per barrel as against 4.69 dollars per barrel in the year-ago period.
The core GRM or the current price GRM for Q1 FY21 after offsetting inventory loss and gain comes to 4.27 dollars per barrel.