Indian Oil Corporation (IOC) has reported the September quarter results today. The net profit stood at Rs 6,360.05 crore for the September quarter, compared with Rs 6,227.31 crore in the same quarter last year. Revenue for the said quarter stood at Rs 1,69,770.77 crore from Rs 1,15,753.88 crore.

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The statement includes interim financial results/ information of 21 joint operations (out of which 11 blocks are relinquished) whose results reflect total revenues of Rs 31.71 crore and Rs 52.62 crore, total net profit before tax of Rs 14 crore and Rs 16.69 crore for the quarter and six months ended 30th September 2021, respectively and total assets of Rs 672.88 crore as at 30th September 2021, which have not been reviewed by their auditors. These interim financial results/ information are considered based on the statement from the Company's management. 

"Our conclusion is solely based on this management certified information," the company informed. 

The average Gross Refining Margin (GRM) for the period April - September 2021 is $6.57 per bbl (April - September 2020: $3.46 per bbl). The core GRM or the current price GRM for the period April- September 2021 after offsetting inventory loss/ gain comes to $3.47 per bbl.

The outstanding bonds of the Company as of 30th September 2021 are unsecured. However, the asset cover available in the case of non-convertible debt securities is 249%.

For computing earnings per share, shares held under "IOC Shares Trust" of face value ~233.12 crore has been excluded from paid-up Equity Share Capital.

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

The Board of Directors in its meeting held on 30th October 2021 has declared an interim dividend of ~5 per equity share (face value: ~10/- per equity share). 

The Statement includes the interim financial results/ information of 7 subsidiaries, which have not been reviewed by their auditors, whose interim financial results/ information reflect total revenues of Rs 1,678 71 crore and Rs 3144.48 crore, total net profit of Rs 184.45 crore and Rs 301.80 crore and total comprehensive income of Rs 60.80 crore and Rs 641 crore for the quarter and six months ended 30th September 2021 respectively. 

Total cash inflow of Rs 91.57 crore for the six months ended 30th September 2021 and total assets of Rs 22,290 23 crore as at 30th September 2021 as considered in the consolidated unaudited financial results. 

The consolidated unaudited financial results also include the Group's share of total net profit of Rs 227.20 crore and Rs 398.18 crore and total comprehensive income of Rs 227.44 crore and Rs 395.48 crore for the quarter and six months ended 30th September 2021, respectively as considered in the consolidated unaudited financial results, in respect of 3 Associates and 18 Joint Ventures, based on their interim financial results/ information, which has not been reviewed by their auditors. 

These interim financial results/ information are certified by the management of the Holding Company. According to the information and explanations are given to us by the Management of the Holding Company, these interim financial results/ information are not material to the Group.