Indian Oil (IOC) Q4 59/60 earnings summary

Executive summary

• Incorporated on June 30, 1959; the first period through March 31, 1960 focused on establishing the organization and planning distribution of imported petroleum products.

• State mandate included supplying government organizations, building capacity to handle at least half of imports of deficit petroleum products, expanding distribution, and taking the full output of two planned refineries, totaling about 2.7 million tons.

Financial highlights

• Net loss was Rs 28,808.95 for June 30, 1959–March 31, 1960; directors said period expenditure was mainly preliminary costs, including registration charges.

• Issued and subscribed share capital was Rs 225,000, against authorized capital of Rs 12 crore.

Outlook and guidance

• The first phase of the organizational plan focused on imported-product distribution and preparation to take over refinery output; it was submitted to the Central Government for approval.

• The first planned refinery was expected to start by end-December 1961, with the two refineries together expected to produce about 2.7 million tons of petroleum products.