IOCL has commenced works on 336 projects that have investment of more than Rs 1 crore in each project, at an anticipated project cost totalling to Rs 1.04 lakh crore. The amount spent on these ongoing projects is about Rs 1,764 crore till the end of June 2020. Additionally, more than 50 projects have also resumed since 1 July 2020, a company said in a statement issued on 8 July 2020.

Indian Oil has targeted a capital expenditure (CapEx) of Rs 26,143 crore during FY 20-21 and in the first quarter achieved an approximately expenditure of Rs 2,674 crore, which is 10.23% of the total targeted CapEx, overcoming various issues faced on-ground due to the Coronavirus pandemic.

Major pipeline projects where works have resumed include the Rs 3,338-crore Paradip-Hyderabad products pipeline. Work on the Rs 3,028-crore augmentation of Paradip-Haldia-Durgapur LPG pipeline and the Rs 6,025-crore Ennore-Tiruvallur-Bengaluru-Pondicherry-Nagapattinam-Madurai-Tuticorin R-LNG pipeline has also resumed.

The PSU OMC reported a consolidated net loss of Rs 7782.55 crore in Q4 March 2020 as against net profit of Rs 6004.88 crore in Q4 March 2019. Net sales of Q4 FY20 stood at Rs 1,18,007.32, declining 6.4% from Rs 1,26,076 crore in Q4 FY19.

As of 31 March 2020, the Government of India held a 51.5% stake in IOCL while ONGC held a 14.2% stake in the company. IOCL's segments include sale of petroleum products, sale of petrochemicals and other businesses.

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Indian Oil Corporation announced that Sanjiv Singh, Chairman (DIN-05280701), Indian Oil, has superannuated from the services of the Company on 30 June 2020 and hence ceased to be a Chairman of theCompany w.e.f. 1 July 2020.

Further, Shrikant Madhav Vaidya, Director (Refineries) (DIN — 06995642) has been appointed as Chairman of Company w.e.f. 1 July 2020.

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Consolidated net sales of Q4 March 2020 stood at Rs 1,18,007.32, declining 6.4% from Rs 1,26,076 crore in Q4 March 2019. The result was announced towards the end of market hours yesterday, 24 June 2020.

IOCL reported a one-time loss of Rs 11,304.64 crore in Q4 March 2020 on the back of a significant fall in oil prices which lead to a write down in valuation of inventories below cost for the specified period of Rs 6,855.35 crore. The company further added that on account of the nationwide lockdown from 25 March 2020 due to COVID-19 pandemic and consequent significant decline in demand for petroleum products, as a one-time measure, a longer time period is considered for better estimation of NRV considering the most reliable evidence available in line with the provisions of lND AS 2 'Inventories'. As a result of considering a longer time period, the write down in valuation of inventories increased.

IOCL reported a pre-tax loss of Rs 17,316.70 crore in Q4 March 2020 as against pre-tax profit of Rs 9020.36 crore in Q4 March 2019. The PSU OMC received a total tax rebate of Rs 8,751.16 crore in Q4 FY20 as against total tax expense of Rs 3016.40 in Q4 FY19.

On a standalone basis, IOCL reported a net loss of Rs 5,185.32 crore in Q4 March 2020 as against a net profit of Rs 6,099.27 crore in Q4 March 2019. Net sales declined 6.2% to Rs 1,18,439.08 crore in Q4 March 2020 over Q4 March 2019.

Average Gross Refining Margin (GRM) for the period April-March 2020 declined 98% to $0.08 per barrel from $5.41 per barrel in April-March 2019. The core GRM or the current price GRM for the period April-March 2020 after offsetting inventory loss/ gain comes to $2.64 per barrel.

The company accounted for Budgetary Support off Rs 1,296.17 crore in April - March 2020 as against Rs 4,110.18 crore accounted in April - Mar 2019 as revenue grants on sale of SKO (PDS).

The PSU OMC reported a consolidated net loss of Rs 893.14 crore in fiscal year ending 2020 (FY20) as against a consolidated net profit of Rs 17,376.70 in fiscal year ending 2019 (FY19). Net sales for FY20 stood at Rs 4,84,362.25 crore, declining 8.3% from FY19.

As of 31 March 2020, the Government of India held a 51.5% stake in IOCL while ONGC held a 14.2% stake in the company. IOCL's segments include sale of petroleum products, sale of petrochemicals and other businesses.

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The Board of Indian Oil Corporation at its meeting held on 24 June 2020 has approved the proposal for seeking approval of the shareholders at the ensuing Annual General Meeting for increase in the borrowing limits from Rs.1,10,000 crore to Rs. 1,65,000 crore (including Public Deposits, Bonds /Debentures but excluding temporary loans obtained from the Company's Bankers in the ordinary course of business) and for creation of charge on the assets of the Company.

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