Indian Oil Corporation (IOC), India’s leading petroleum company, reported a 10-fold rise in net profit to Rs 6,227.31 crore in the September quarter. The company said its single net profit stood at Rs 6,227.31 crore, or Rs 6.78 per share, on the back of profit on reserves and better earnings. The company had a net profit of Rs 563.42 crore a year ago.
Fuel sales 177 million tons
The company told the stock market that its fuel sales stood at 17.7 million tonnes in the September quarter, up 16 percent from the June quarter. However, it is 12 percent lower than the year-ago quarter of 201.7 million tonnes. During this period, the refining plants of the IOC refined about 140 million tonnes of crude oil. It is more than 130 lakh tonnes in the June quarter but less than 175 lakh tonnes in the September 2019 quarter.
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Revenue from operations of the company came down to Rs 1.15 lakh crore as compared to Rs 1.32 lakh crore a year ago. The company said that the board of directors has issued 20 thousand by issuing bonds or debentures in one or more lots in the current financial year. Approved to raise loans of up to crores of rupees.
Vodafone Idea losses narrowed to Rs 7,218 crore in second quarter
The consolidated loss of debt-ridden telecom company Vodafone Idea decreased to Rs 7,218.2 crore in the second quarter of the current fiscal year 2020-21 from Rs 50,897.9 crore in the same quarter of the previous financial year 2019-20. The reason for this was the provision for payment of legal dues. Vodafone Idea’s total income fell by about 3 percent to Rs 10,830.5 crore in the second quarter of the current financial year from Rs 11,146.4 crore in the same quarter a year ago.
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Vodafone Idea Managing Director and Chief Executive Officer Ravindra Collision said that challenges related to Kovid-19 remain, but there are signs of revival with a gradual improvement in economic activity in the second quarter. He said, “We have started the work of rationalizing our strategy and cost. It has started showing positive results in the form of increased savings. The company’s subscriber base declined to 27.18 crore in the second quarter of the current financial year from 27.98 crore in the same quarter of the previous fiscal year 2020-21.