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<ul><li>This profit growth of Indian Oil comes on the back of a spectacular recovery in operating margins that went up to 8.6%.</li><li>As crude prices fell, the margins of the oil marketing major rose as selling prices remained the same.</li><li>Its core gross refining margin for the quarter came in at $9.05 per barrel. </li></ul>India’s largest oil marketing company Indian Oil posted a multifold rise in consolidated net profit on Friday. The first quarter reading of ₹14,735 crore, as compared to ₹882.9 crore posted in the same quarter last year, largely beat analyst expectations. This profit growth comes on the back of a spectacular recovery in operating margins that went up to 8.6% for the quarter, as compared to -0.59% posted in the same quarter last year. The falling crude prices have come as a boon for all the Indian PSU oil marketing companies as their margins have improved from the negative territory in the same period last year. “The average gross refining margin (GRM) for the period April- June 2023 is $8.34 per barrel. The core GRM or the current price GRM for Q1 after offsetting inventory loss/ gain comes to $9.05 per barrel,” the company said. GRM is a way to calculate economics of oil refining and is the difference between crude oil price and total value of petroleum products produced by the refinery. IOC’s consolidated income from operations fell by 11.7% to ₹2.26 lakh crore as compared to ₹2.56 lakh crore in the first quarter of FY23. Falling crude &amp; improving margins Brent crude oil prices have fallen 17% to average around $85 per barrel since October 2022, compared with an average price of $105/bbl for the six months ended 30 September 2022. The profitability of the oil marketing companies (OMCs) has increased as retail selling prices of gasoline and gasoil have remained unchanged during the period, says Moody’s. Indian refiners have been purchasing more of Russian crude oil, that’s trading at a discount to Brent crude, which has benefitted them. Before the conflict, Russian crude accounted for less than 2% of the total crude oil consumption for the Indian refiners, but this has since increased to around 15%-20%. Moody's expects this trend to continue over the next 12-18 months. What lies ahead The rating agency has affirmed its ratings to the credit issuances of all the PSU oil marketing companies — IOC, HPCL and BPCL. "The rating affirmation reflects our views that the operating performance of the state-owned refining and marketing companies will continue to improve as lower crude oil prices will reduce marketing losses and moderate working capital requirements," says Sweta Patodia, a Moody's Assistant VP and analyst. Patodia also says that they expect the government to compensate the oil marketing companies for their past losses. On February 1, the Indian government allocated $3.7 billion as capital support for the oil marketing sector.

IndianOil posts multifold growth in Q1, net profit at ₹14,735 crore beats estimates

New Delhi [India], May 16 (ANI): IndianOil has posted a 65.91 per cent drop to Rs 8,242 crore in its standalone net profit for 2022-23 (FY23), against Rs 24,184 crore in the previous year. The company said the drop in profit is mainly on account of lower marketing, petrochemicals margin and higher exchange losses during the current year as compared to last year. The oil marketing company has reported revenue from operations of Rs 9,34,953 crore for 2022-23 as compared to Rs 7,28,445 crore in FY22. According to a statement from the company, the revenue from operations of IndianOil is Rs 2,26,492 crore in the fourth quarter (Q4 2022-23), against Rs 2,06,457 crore in the corresponding quarter of last year. The board of directors have recommended the final dividend of Rs 3 per equity share, with a face value of Rs 10 per equity share, for FY23, subject to approval by the members of the company in the annual general meeting. S M Vaidya, chairman, IndianOil, said, "IndianOil sold 95.714 million tonne of products, including exports, during FY 2022-23. Our refining throughput for FY 2022-23 was 72.408 million tonne and the throughput of the Corporation's countrywide pipelines network was 97.382 million tonne during the year. The gross refining margin (GRM) for FY 2022-23 was USD 19.52 per barrel (bbl) as compared to USD 11.25 per bbl in the previous financial year." A standalone statement represents a company's financial performance as a single entity, while a consolidated statement reports a company's financial performance on the whole. It includes information about its associate companies, subsidiary companies and joint ventures. IndianOil is an Indian central public sector undertaking under the ownership of the ministry of petroleum and natural gas, Government of India. It is headquartered in New Delhi. It is a public sector undertaking whose operations are overseen by the ministry of petroleum and natural gas. (ANI)

IndianOil posts 69% drop in its standalone net profit for 2022-23

<ul><li>India’s largest oil retailer Indian Oil is the only government owned organization to make its debut in Brand Finance's global list of most valuable and strongest brands in 2020. </li><li>The commercial oil major has been ranked 23rd in the list of top 50 ‘most valuable’ oil &amp; gas brands. </li><li>The list, which was released by Brand Finance at the <keyword id="69007" type="COMPANY" weightage="20" keywordseo="World-Economic-Forum">World Economic Forum</keyword> in Davos ranks only 11 brands — including Tata Group, Reliance, Infosys and Airtel — in the top 500 list.</li></ul>India’s largest oil retailer Indian Oil is the only government owned organization to make its debut in Brand Finance's global list of most valuable and strongest brands in 2020. It will join insurance major LIC and <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) to become the third state-owned organization to build an internationally recognized brand. Both the Navratna companies — IOC and LIC — have risen in their rankings this year. But Indian Oil crawled up 11 spots to be ranked as the 23rd in the list of top 50 ‘most valuable’ oil &amp; gas brands. Overall, its rank is at 415. This is good news for Indian Oil whose shares have been fluctuating since the news of BPCL’s (Bharat Petroleum Corporation) divestment broke. During the second quarter, the company posted a <a href="https://energy.economictimes.indiatimes.com/news/oil-and-gas/indian-oil-q3-results-to-be-announced-today/73758069">82% year-on-year decline</a> in profit owing to shutdowns and inventory losses. Brand Finance released the list at the World Economic Forum in Davos which includes only 11 Indian brands. The coveted list includes the usual suspects like the Tata Group, <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>, Infosys and Airtel — in the top 500. Globally, e commerce giant Amazon held on to its rank as the <keyword id="642606" type="PERSON" weightage="20" keywordseo="most-valuable-brand">most valuable brand</keyword> for the third consecutive year. It was followed by other tech majors like Google and Apple. As per the list, technology, banking and retail sectors held the most valued brands. The survey analysed brands across 10 sectors in 29 countries. The brand strength index was based on three parameters — marketing investment, stakeholder equity, and the impact on business performance. See also: <a href="https://www.businessinsider.in/careers/news/tech-mahindra-wipro-and-dr-reddys-labs-on-bloomberg-gender-equality-index/articleshow/73515898.cms">Tech Mahindra, Wipro and Dr Reddy’s Labs — only 3 Indian companies made it to Bloomberg Gender Equality Index</a> <a href="https://www.businessinsider.in/india/news/india-can-become-a-global-offshoring-base-for-ai-predicts-a-report-launched-at-the-world-economic-forum/articleshow/73548687.cms">India can become a global offshoring base for AI, predicts a report launched at the World Economic Forum</a> <a href="https://www.businessinsider.in/india/news/microsofts-satya-nadella-says-hes-an-india-optimist-at-world-economic-forum-in-davos/articleshow/73515365.cms">Microsoft's Satya Nadella says he's an 'India optimist' — the country needs to manage its challenges to stay on track</a>

IndianOil, LIC and SBI are the only state-owned entities to feature in Brand Finance’s list of ‘most valuable’ brands

<ul><li>About 83% of the traders believe that the new tax has deterred their trading frequency.</li><li>About 23 % of the traders want to move their holdings to an international exchange to avail a more favorable tax climate.</li><li>The government of India has imposed a 30% tax on all profit coming from <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> trading and an additional 1% TDS on all transactions.</li></ul>Four in five traders have slowed down their investments in <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> since the implementation of a new tax, a recent survey by Indian crypto exchange WazirX has revealed. The company’s survey — involving 9,500 respondents — highlighted that 83% of the traders believe that the new tax has deterred their trading frequency. Another 24% — or a quarter of the traders — are considering shifting their trading activities to international exchanges. The report also indicates that 28% of the respondents aged between 18 and 35 years had sold more than 50% of their holdings before 1st April 2022, when the new tax came into effect. About 23% wished to move their holdings to an international exchange to avail a more favorable tax climate. Coinbase, Binance and Crypto.com are some of the international crypto exchanges that are likely to gain in case of a switch. Indian crypto exchanges like CoinSwitch Kuber, CoinDCX and WazirX could be at the losing end. “In the current scenario, revenue from tax collections for the government will decline as 27% of customers (34% traders and 23% holders) said they will trade less than earlier owing to the current taxation policy,” WazirX said in a press note. <cmsannotation type="cmsannotation" annotationid="₹600 tax for a ₹2000 profit" comment="subhead" text="₹600 tax for a ₹2000 profit">₹600 tax for a ₹2000 profit</cmsannotation> India’s finance minister Nirmala Sitharaman, in her budget speech in February, announced that all profits from crypto would be taxed at <a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms">a flat 30% rate</a>, which is the highest tax bracket and the same rate as lottery winnings. The government also mandated a 1% tax deducted at source (TDS) on all crypto transaction redemptions, even the ones that make a loss. So, for example, a person who buys a crypto asset at ₹10,000 and sells it at ₹12,000 would show a profit of ₹ 2,000 and pay 30% tax, which is ₹600. In terms of TDS, if you had bought Bitcoin worth ₹10,000 and sold it at the same price without any profit, you would get back only ₹9,900. The new tax was implemented on <a href="https://www.businessinsider.in/investment/news/crypto-tax-in-india-kicks-in-from-april-heres-all-you-need-to-know/articleshow/90344479.cms#:~:text=Firstly%2C%20all%20crypto%20profits%20gained,tax%2C%20which%20is%20%E2%82%B9600.">April 1, 2022</a>. Rajagopal Menon, vice president at WazirX noted it is important that the regulations support the “inclusive growth” of all stakeholders involved. “The survey results stipulate the need to reform certain conditions to aid the growth of crypto investors in the country, which will result in economic prosperity. The tax regime needs to be balanced to encourage participation and revive trading volumes,” he said. Meanwhile, the cryptocurrency market is plunging to a new low everyday. Bitcoin, the world’s largest cryptocurrency, is at an 18-month-low of $19,864. The currency reached an all-time high of $68,000 in November 2021. SEE ALSO <a href="https://www.businessinsider.in/business/news/no-service-charge-on-restaurant-bill-will-impact-waiters-servers-kitchen-staff/articleshow/92668785.cms">Remember to tip your waiter, there is no more service charge on your bill</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/tata-motors-kotak-mahindra-bank-indusind-bank-among-stocks-to-watch-out-for-on-july-5/slidelist/92665853.cms">Tata Motors, Kotak Mahindra Bank, IndusInd Bank among stocks to watch out for on July 5</a> <a href="https://www.businessinsider.in/india/news/indianoil-delivers-cooing-gas-via-boats-in-flood-hit-assam/articleshow/92667303.cms">IndianOil delivers cooking gas via boats in flood-hit Assam</a>

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IndianOil posts multifold growth in Q1, net profit at ₹14,735 crore beats estimates

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IndianOil posts 69% drop in its standalone net profit for 2022-23

ANI

IndianOil, LIC and SBI are the only state-owned entities to feature in Brand Finance’s list of ‘most valuable’ brands

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4 out of 5 traders go slow on cryptocurrency investments after new crypto tax – WazirX

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