Indian Oil (IOC) Q4 63/64 earnings summary

Executive summary

• FY 1963-64 turnover was Rs. 52,43,33,395 and net profit was Rs. 83,57,151; sales volume rose 82.24% YoY to 1.17 million kL.

• Storage, depot and pump expansion supported rising nationwide distribution; the Barauni refinery began production in August 1964.

Financial highlights

• Profit before depreciation, interest and taxes was Rs. 1,80,15,187; depreciation was Rs. 19,52,366, interest Rs. 55,85,670 and tax provision Rs. 21,20,000.

• Net profit of Rs. 83,57,151 compared with Rs. 59,60,697.74 in FY 1962-63.

• Turnover reached Rs. 52,43,33,395; total sales were 1.17 million kL versus 0.64 million kL in FY 1962-63.

Outlook and guidance

• Supplies to civil and defence aircraft at most of 19 airfields were expected to begin by end-1964.

• LPG marketing was targeted for early 1965; three bottling plants were planned at Calcutta, Delhi and Barauni, with the fourth location under review.

• Koyali refinery was expected to start in 1965 and Cochin in 1966; Barauni entered production in August 1964.

• Soviet agreement covers imports of 1.5 million tonnes of deficit petroleum products over three years.