The Indian Oil Corporation’s turnover for the financial year 2011-12 rose by 24.7 per cent to Rs. 4,09,957 crores from Rs. 3,28,652 crores during 2010-11. The profit for the year is Rs. 3,955 crores as compared to Rs. 7,445 crores in the previous financial year. Reduction in profit is mainly due to higher interest cost of Rs. 2,918 crores on account of delay in receipt of compensation from the Government and higher interest rates and to provisioning of entry tax of Rs. 8,157 crores.
For the quarter January-March 2012, IndianOil’s turnover went up by 19.7 per cent to Rs. 1,12,267 crores as compared to the corresponding quarter of 2010-11. Profit for the quarter is Rs. 12,670 crores (Rs. 3,905 crores) mainly on account of Government compensation received in the quarter for earlier quarters of 2011-12.
For 2011-12, IndianOil has accounted for Government assistance of Rs. 45,486 crores. In addition, the company has been granted discount of Rs. 29,961 crores from upstream oil companies/refiners as per the under-recovery sharing mechanism.
The Board of Directors has recommended a dividend of 50 per cent (Rs. 5 per share).
Mr. RS Butola, Chairman, said: “IndianOil sold 75.661 million tonnes of products, including exports, during 2011-12. Our refining throughput for FY 2011-12 was 55.621 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 75.549 million tonnes for the same period. The gross refining margins during the year were $3.63 per bbl as compared to last year’s $5.72 per bbl.”