Indian Oil Corporation (IOC) and Malaysia’s state-owned Petronas propose to expand their Indian joint venture into retail sales of transportation fuel. The joint venture, Indian Oil Petronas Pvt Ltd (IPPL), will set up petrol pumps and get into the city gas distribution system, IOC Chairman Shrikant Vaidya said addressing a press conference on first quarter results.
A decision to this effect was taken at the Board meeting and now finer details will be worked out. “Energy pie is increasing. There is a place for everybody..our market share is intact and IPPL will capture new opportunities,” Vaidya said when asked if the IPPL’s foray into retailing business would adversely impact the IOC’s business.
IOC’s net profit grew 211 per cent in the first quarter this fiscal at ₹5,941 crore owing to inventory gains and better petrochemicals margins during the current period. It is worth noting that sequentially the April-June 2021 net profit has declined by 32 per cent from ₹8,781 crore registered in the previous quarter.
In the April-June quarter last year, the company had reported net profit of ₹1,911 crore.
Revenue from operations for the first quarter stood at ₹1,55,056 crore against ₹88,939 crore in the same period of the last year, an IOC release said. Also, in the previous quarter, the revenue from operations stood at ₹1,63,605 crore.