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Indian Oil Corp's Q1 consolidated net profit falls 35%
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SME Times News Bureau | 31 Jul, 2020
Indian Oil Corp (IOC) on Friday
reported a 35.14 per cent fall in its consolidated net profit for the
April-June quarter at Rs 2,350.25 crore.
During the corresponding period of last fiscal, the company had reported a consolidated net profit of Rs 3,623.69 crore.
Total income of the company plunged 40 per cent to Rs 90,776.10 crore during the quarter under review.
In
a regulatory filing, IOC said that its revenue and other consequential
expenses during the period decreased due to nationwide lockdown for
Covid-19.
Its sales during April were impacted significantly by
the nationwide lockdown and consequently capacity utilisation of the
plants was lower. However, the same has come back close to normal levels
by June, the company said.
"As regards, the recoverability of
assets and financial resources, performance of contractual liability and
obligations, ability to service the debt and liabilities, the holding
company expects to fully recover the carrying amounts of the assets and
comfortably discharge its debts and obligations," it said.
The
holding company is positive on the long-term business outlook as well as
its financial position, the filing said, adding that the company is
closely monitoring any material changes to future economic conditions.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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₹95.3
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₹93.6 |
UK Pound
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₹127.7
|
₹123.7 |
Euro
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₹110.65
|
₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
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