IOC posts record net in FY16
The record profit was achieved even when the PSU posted an 80 per cent drop in March quarter earning because of inventory losses.
New Delhi: Indian Oil Corp (IOC) on Friday reported the highest net profit in its history at Rs 10,399 crore in FY2015-16 to become nation’s second most profitable PSU.
The record profit was achieved even when the PSU posted an 80 per cent drop in March quarter earning because of inventory losses. “We had a good year with record profits. IOC net profit in 2015-16 was almost double of Rs 5,273 crore net profit in the previous fiscal,” said IOC chairman B. Ashok.
IOC’s net profit of Rs 10,399.03 crore in fiscal year ended March 31, 2016 was second only to ONGC’s Rs 16,004 crore net profit in 2015-16 fiscal. The profit was aided by sharp drop in revenue loss or under-recoveries on sale of LPG and kerosene because of crash in international oil prices.
Under-recoveries dropped from Rs 39,758 crore in 2014-15 to Rs 7,757 crore in 2015-16. The unmet under recovery of the company was at mere Rs 9 crore.
IOC registered the highest ever sales of petrochemical at 2.53 million tonnes in 2015-16 and refineries had a capacity utilisation of 103.7 per cent.