1. Home >
  2. Export Import News >
  3. Import News >
  4. Forex loss hits IOC, net declines 12% in Q2 >
  5. Forex loss hits IOC, net declines 12% in Q2

Online Export Import Data Search

Complete Training Video : Click Here

Forex loss hits IOC, net declines 12% in Q2.

Date: 03-11-2018
Subject: Forex loss hits IOC, net declines 12% in Q2
The net profit of Indian Oil Corp (IOC) for the second quarter of the current fiscal dropped 12% to Rs 3,247 crore, compared with Rs 3,696 crore, owing to lower margins and foreign exchange losses, a factor which also affected the other two state-owned oil marketing companies —BPCL and HPCL — in the quarter under review.

Indian Oil’s profit dipped despite revenue from operations going up to Rs 1,51,567 crore in the September quarter, compared with Rs 1,10,653 crore in the year-ago period. The forex loss during the quarter was around Rs 2,000 crore. The gross refining margin for the latest quarter was $6.79 per barrel, against $7.98 a year ago.
The inventory gain —higher realisation due to hike in crude and product prices — in the second quarter of FY18 stood at Rs 4,408 crore, compared with Rs 1,056 crore in the year-ago period. The company has a debt of around Rs 59,000 crore.

The company is absorbing `1 per litre of diesel and petrol sold since October 5 when the government announced measures to contain skyrocketing retail fuel prices. While the losses on this account will start accumulating from the third quarter, the company expects a loss in revenue of Rs 2,200 crore in the second half of the current financial year. “We have neither recovered nor have intentions to recover the Rs 1 absorbed. If we do that, then the move will be irrelevant,” said Indian Oil chairman Sanjiv Singh.

While the company has already placed order for Iranian crude oil for November, it is still to place order for December. Of the total crude oil refined by the company in a year, 14% is sourced from Iran that is facing US sanctions which will start on November 4.

“We are hopeful that we will be able to continue import from Iran and zero exports by Iran will not be good for the international market. While we have alternative for quantities, but crude prices will be affected,” said Singh. In the past sanction era, the company had made part payment in euro and part in rupee, and these options are being explored again. “We will need to see what options are available,” said Singh.

The company is also looking to raise funds through external commercial borrowing and has floated a syndication. “It could be $500 million or $1 billion — it will depend on the response and rates we get,” said AK Sharma, director-finance.

Source: financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 31-01-2019
Notification No. 83/ 2018 - Customs
Seeks to amend notification No. 152/2009-Customs dated 31.12.2009 so as to provide deeper tariff concessions in respect of specified goods imported from Korea RP under the India-Korea Comprehensive Economic Partnership Agreement (CEPA) w.e.f. 01.01.2019.

Date: 31-01-2019
Notification No. 84/2018-Customs
Seeks to amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 01.01.2019.

Date: 14-01-2019
Policy Circular No . 17/2015--2020
Additional extension of six months in the Export Obligation Period (EOP) (beyond permissible extension period in Para 4.42 of the HBP) to advance authorizations issued upto 30.06.2016 involving import of Raw cashew (SION E S) relaxation of Policy/ Procedure.

Date: 11-01-2019
Notification No.3/2019 - Customs (N.T.)
Exchange Rates Notification No.3/2019-Custom(NT) dated 11.1.2019.

Date: 11-01-2019
Trade Notice No. 42/2015-2020
Mandatory recording of information on DGFT website about transfer of MEIS/SEIS Scrips issued from 14.1.2019 onwards (for EDI ports only)

Date: 10-01-2019
Notification No. 53/2015-20
Amendment in Para 4.14 and 4.16 (ii) of the Foreign Trade Policy 2015-20

Date: 10-01-2019
Notification No. 01/2019 - Customs
Seeks to remove pre-import condition and include specified deemed export supplies for exemption from integrated tax and Compensation cess for materials imported against Advance Authorizations and Advance Authorizations for Annual Requirement

Date: 09-01-2019
Policy Circular No.16 /2015--2020
Guidelines to RAs for following Standard Operating Procedure (SOP) for EODC monitoring of both Advance as well as EPCG authorizations using software in website http://eodc.online - Reg.

Date: 08-01-2019
Notification No. 50/2015-2020
Import policy for electronics and IT Goods under Schedule – I (Import Policy) of ITC (HS), 2017.

Date: 08-01-2019
Notification No 51/2015-2020
Amendment in Import Policy of Aviation Gasoline under Exim Code 27101219 in the ITC (HS) 2017,Schedule-I(Import Policy) -regd.

Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001