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MOTORINDIA
l
September 2012
IndianOil
gross turnover up
12.4% at Rs. 101,936 crores
Indian Oil Corporation Ltd. has
suffered a loss of Rs. 22,451 crores
for the first quarter of the current
financial year ended June 2012 as
compared to a loss of Rs. 3,719
crores for the corresponding quarter
of the previous year.
The losses in the current quarter
are mainly due to unmet under-real-
isation of Rs. 17,485 crores on sale
of HSD, SKO (PDS) and LPG (do-
mestic) in the absence of sanction of
budgetary support from the Govern-
ment, foreign exchange loss of Rs.
3,187 crores, inventory valuation loss
of Rs. 4,062 crores affecting gross re-
fining margin, and to higher interest
cost of Rs. 1,849 crores following de-
lay in receipt of compensation from
the Government. The gross turnover
for the first quarter of the current year
ended June 2012 has increased by
12.4 per cent to Rs. 101,936 crores
from Rs. 90,713 crores during the
same period last year.
Mr. RS Butola, Chairman, said:
“IndianOil sold 19.443 million
tonnes of products, including ex-
ports, during the first quarter of 2012-
13. Our quarterly refining through-
put was 13.579 million tonnes and
the throughput of the Corporation’s
countrywide pipelines network was
18.583 million tonnes. The gross re-
fining margin during the first quarter
was $4.81 per bbl which was mainly
on account of Inventory valuation
loss of Rs. 4,062 crores which trans-
lates to $7.54 per bbl”.
lubes & fuels
HPCL sales
exceed industry
average growth
Hindustan Petroleum Corporation
Ltd. (HPCL) has registered gross
sales of Rs. 46,406 crores for April-
June 2012 as against Rs. 43,899 crores
in the corresponding previous period,
an increase of 5.7 per cent. Domestic
sales of petroleum products increased
to 7.44 million tonnes, registering a
growth of above 6.9 per cent over the
first quarter of the previous year, as
against the industry average growth
of 4.2 per cent. Sales of high-speed
diesel increased by 12.2 per cent and
that of LPG by 8.2 per cent.
The refineries at Mumbai and Vi-
sakh processed 3.58 million tonnes
of crude during April-June as against
3.97 million tonnes during the same
period in 2011. The thruput was low-
er because of shutdown at both the
refineries.
On the financial front, the loss for
April-June 2012 was Rs. 9,249 crores
(Rs. 3,080 crores). The loss during
the quarter was primarily on account
of absorption of under-recoveries on
sale of sensitive petroleum products
amounting to Rs. 7,321 crores. The
interest cost for the period was also
higher at Rs. 549 crores (Rs. 264
crores).
During the quarter the Corporation
also incurred inventory loss because
of a decline in international prices of
crude and petroleum products.
The diesel hydrotreater projects at
Mumbai and Visakh refineries are at
an advanced stage and are expected
to be completed by September end.
w
Mr. RS Butola, Chairman, IndianOil