The country's biggest oil firm on Friday reported a standalone revenue drop of 69 percent year-on-year to Rs 88,936 crore. Standalone net profit also slipped to Rs 1,910 crore as against Rs 3,396 crore in the corresponding quarter last year due to declining refining margins.

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Its refineries processed 25 percent less crude oil at 12.9 million tonnes in the first quarter of 2020-21 fiscal. IOC said it lost $1.98 on turning every barrel of crude oil into fuel in the April-June period as compared to a gross refining margin of $4.69 a barrel in Q1 of 2019-20.

"The outbreak of coronavirus (COVID-19) globally and in India has impacted businesses and economic activities in general. The spread of COVID-19, along with nationwide lockdown starting from March 25, 2020, has caused a serious threat to human lives and resulted in a reduction in global demand and disruption in the supply chain, which have forced the businesses to restrict or close the operations in short term," it said.

Consolidated EBITDA margin increased by 130 basis points YoY to 6.90 per cent in Q1FY21.

"The company's sales during the month of April 2020 were impacted significantly by the nationwide lockdown and consequently capacity utilization of the plants was lower. However, the same has come back close to normal levels by the month of June 2020," added the company further.

First Published:Jul 31, 2020 4:24 PM IST