Page 42 - Plastics News August 2018

BUSINESS NEWS

Indian Oil Q1 up at Rs. 1,49,747 crore

ndian Oil Corporation (IndianOil) today reported its inventory gains/ losses and price lag for the quarter
IÀQDQFLDO SHUIRUPDQFH IRU WKH TXDUWHU HQGHG WK -XQH was $ 5.18/bbl as compared to $6.44/bbl during the
2018. The Company has voluntarily adopted quarterly FRUUHVSRQGLQJ TXDUWHU RI WKH SUHYLRXV \HDU 7KH ÀQDQFH
publishing of Consolidated Financial Statement starting cost for the quarter ended 30th June 2018 was Rs. 1,031
IURP WKH ÀUVW TXDUWHU RI )< ,QGLDQ2LO·V 5HYHQXH crore as compared to Rs. 739 crore in the corresponding
from Operations was Rs. 1,49,747 crore in Q1 FY 2018-19 as TXDUWHU RI WKH ÀQDQFLDO \HDU
compared to Rs. 1,28,183
crore in the corresponding
quarter of FY 2017-18. Mitsui Chemicals inaugurates PU
3URÀW IRU WKH ÀUVW TXDUWHU systems house in AndhraPradesh
of FY 2018-19 is Rs. 6,831
crore as compared to joint venture of Japan’s Mitsui Chemicals and
Rs. 4,549 crore in the A South Korea’s SKC has officially inaugurated
corresponding quarter of its polyurethane (PU) systems house in Andhra
FY 2017-18. The variation
is majorly on account of Pradesh, India. The 15,000-tonnes/year facility
higher inventory gains of of MCNS Polyurethanes India Pvt. Ltd. supplies
Rs. 7,866 crore during the products to Korean and Japanese companies in
current quarter, which is India in the automotive and appliance sectors. A
partly compensated by wholly owned subsidiary of Mitsui Chemicals & SKC
ORZHU UHÀQLQJ PDUJLQV DQG H[FKDQJH ORVVHV ,QGLDQ2LO Polyurethanes Co., Ltd., MCNS Polyurethanes India
Chairman, Mr. Sanjiv Singh, said, “IndianOil sold 22.866 started commercial production in July this year. India
MMT of products, including exports, during Q1 2018-19. KDV JURZQ UDSLGO\ WR EHFRPH WKH ZRUOG·V ÀIWK ODUJHVW
2XU UHÀQLQJ WKURXJKSXW IRU 4 ZDV 007 automobile manufacturer, turning out 4,782,896 car
and the throughput of the Corporation’s countrywide and commercial vehicles in 2017. Korean and Japanese
pipelines network was 22.852 MMT during the same period. manufacturers account for 70% of overall vehicle
7KH *URVV 5HÀQLQJ 0DUJLQ *50 IRU WKH ÀUVW TXDUWHU RI
2018-19 was US$ 10.21 per bbl as compared to US$ 4.32
per bbl in the corresponding quarter of 2017-18.” The
Company’s Revenue from Operations for the quarter
ended 30th June 2018 was Rs. 1,49,747 crore as compared
to Rs. 1,26,396 crore adjusted for impact of GST in the
FRUUHVSRQGLQJ TXDUWHU RI ÀQDQFLDO \HDU 5HÀQHU\
throughput of the Company for the quarter ended 30th
June 2018 increased to 17.666 MMT as against 17.521 MMT
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registering a growth of 0.8%. Pipelines throughput of the
Company for the quarter ended 30th June 2018 was 22.852 production in India and are also prominent in the
MMT as compared to 21.351 MMT in the corresponding appliance sector, manufacturing 50% of the country’s
quarter of the last year (Growth of 7.0%).Domestic sales refrigerators. Most recently Japan’s Panasonic set
for the quarter ended 30th June 2018 has increased to up a plant in Haryana, India, for the production of
21.618 MMT as against 20.736 MMT in the corresponding refrigerators with capacity of 500,000 units/year. The
TXDUWHU RI WKH ÀQDQFLDO \HDU UHJLVWHULQJ D JURZWK Indian refrigerator market was pegged at roughly 9
RI 7KH *URVV 5HÀQLQJ 0DUJLQ *50 RI WKH &RPSDQ\ million units in 2016, with strong double-digit growth
for the quarter ended 30th June 2018 was $10.21/bbl as ongoing. Market penetration is less than 3%, indicating
compared to $ 4.32/bbl in the corresponding quarter of solid growth potential for this market segment.
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Plastics News August 2018 42