) -- Indian Oil Corporation (IOC) has recorded an almost 17-fold growth in standalone net profit to Rup 21,836 crore for the financial year ended 31 Mar 2021 (FY 2020-2021), from Rup 1313 crore in FY 2019-2020, said Economictimes
It attributed the sharp growth in bottomline to higher inventory hikes and petrochemical margins. However, its annual revenue from operations dived year-on-year by more than 9% to Rup 514,890 crore. This was due to the decline in total fuel demand because of COVID-19. For 4Q FY 2020-2021, the standalone net profit stood at Rup 8781 crore.
This is compared to a loss of Rup 5185 crore during 4Q FY 2019-2020. Annual crude processing and pipeline throughput dived by 10% to 62.351 M tonnes (mt) and 76 mt, respectively. However, IOC increased the length of its pipeline network by 2.3% to 15,007 km in FY 2020-2021. Its total local sales plummeted by 11% during 2020-2021 to 72.71 mt. Sale was down by 17% for petrol, 14% for diesel, and 52% for ATF. Local sales of LPG increased by 4.7%.
Even as total revenue dived, the company's contribution to the central exchequer in 2020-2021 escalated by 60% to Rup 153,827 crore. On the other hand, IOC's share in States dived by 1.2% to Rup 84,959 crore. Average Gross Refining Margin (GRM) for the year is USD5.64/barrel, a year-on-year increase from $0.08/barrel. The present cost of GRM for FY 2020-2021 after offsetting inventory hikes comes to USD2.31/barrel.
The refinery run for Apr 2021 has been 96.1% while for 1-17 May 2021 has been 84%. In comparison, the total refinery run rate for FY 2020-2021 stood at 89.5%. IOC has set a capital expenditure goal of Rup 26,000 crore for the ongoing financial year.
, India has announced an extension on the deadline for the implementation of the quality certifications mandated by the Bureau of Indian Standards (BIS) on purified terephthalic acid (PTA) imports. The Department of Chemicals and Petrochemicals, under the Ministry of Chemicals and Fertilizers, via an order issued on 21 December 2022, set 22 June 2023 as the implementation date for the certification to come into effect.mrchub.com