Indian Oil Corporation recorded a decrease in revenue to Rs. 90,776.10 Cr from Rs. 153,111.43 Cr (YoY) which is nearly 41% YoY reduction and a QoQ reduction of almost 43.21%. The Net Expenses of the company to decrease by 40%(YoY) from Rs. 147,954.62 Cr. to Rs. 87,792.72 Cr.

Indian Oil Corporation also recorded a consolidated net profit of Rs. 2,628.58 Crores as compared to Rs. 5,379.40 Crores in Q1FY20 which is a reduction of almost 51.1% YoY basis.

It is to be noted that the company’s expense on excide duty went up by 29.8%(YoY) from Rs. 18,622.74 Crores in Q1FY20 to Rs. 26,539.94 crores in Q1FY21 and 20% up from Q4FY20 (March 2020). Amid falling crude oil prices, the government had on March 14 raised excise duty on petrol and diesel by Rs 3 per litre each.

Crude oil prices tumbled due to a trade war between Opec and Russia amidst decreasing demand in times of COVID-19. The Government took the opportunity of decreasing oil prices around the world and increased taxes to shore up its revenue.

Q1 FY21
Rs. Cr.
Rs. Cr.
Q1 FY20
Rs.   Cr.
Total Revenue 90,776.10 153,111.43 147,954.62-43.21%-41.1%
Net Profit2,628.58-13,610.165,379.40119%-51.1%

During the lockdown period, petroleum business continued its operations under the “Essential Services”. The revenue of the holding company and other consequential expenses during the period is decreased due to nationwide lockdown for Covid-19,” IOC said in a release.

You may read the entire official report here.