IndianOil reported Revenue from Operations of Rs 1,55,056 crores for the first quarter of Financial Year 2021-22 as compared to Rs 88,939 crores in corresponding quarter of Financial Year 2020-21.

The net profit for the quarter ended 30th June 2021 is higher at Rs 5,941 crores as compared to Rs 1,911 crores during the corresponding quarter of previous financial year mainly on account of inventory gains and better petrochemical margins during current period.

S.M. Vaidya, Chairman, IndianOil said, "IndianOil sold 20.325 million tonnes of products, including exports, during the first quarter of financial year 2021-22. Our refining throughput for Q1 2021-22 is 16.719 million tonnes and the throughput of the Corporation’s countrywide pipelines network is 19.875 million tonnes during the same period. The gross refining margin (GRM) during the first quarter of FY 2021-22 is $6.58 per bbl as compared to $(1.98) per bbl in corresponding quarter of previous financial year. The core GRM for current period after offsetting inventory loss/ gain comes to $2.24 per bbl.”

Due to outbreak of COVID-19 pandemic and consequent national lockdown, the operations of the company during April- June 2020 were considerably affected. However, since then, the impact has significantly reduced as is evident from the physical performance during April- June 2021, the company said in a statement.