To the Board of Directors Indian Oil Corporation Limited New Delhi Limited Review Report of the Statutory Auditors on the Unaudited Standalone Financial Results for the quarter ended on June 30, 2015 1. We have reviewed the accompanying statement of unaudited standalone financial results of Indian Oil Corporation Limited (the Company) for the quarter ended on June 30, 2015 except for the disclosures regarding (i) ‘Public Shareholding’ and ‘Promoter and Promoter Group Shareholding’ which have been traced from disclosures made by the management and have not been reviewed by us, (i) ‘Average Gross Refinery Margin’ stated in note no. 3 and (i!) net under- realization as appearing in note no. 4(c) which is based on estimation made by the management. This statement Is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our review. 2, We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, ‘Review of Interim Financial Information performed by the Independent Auditor’ of the Entity issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company’ personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. 3. Based on our review conducted as above, nothing has come to our notice that causes us to believe that the accompanying statement of unaudited standalone financial results prepared in accordance with the Accounting Standards notified under the Companies Act, 1956 (which are deemed to be specified under section 133 of the Companies Act, 2013 as per rule 7 of Companies (Accounts) Rules, 2014) and other accounting principles generally accepted in India, hhas not disclosed the information required to be disclosed in terms of Clause 41 of the Listing Agreements with stock exchanges including the manner in which itis to be disclosed, or that it contains any material misstatement. For DASS GUPTA & ASSOCIATES For PARAKH & CO, For J GUPTA & CO. Chartered Accountants _ Chartered Accountants Firm Regn. No. i Firm Regn.No.001475C .000112N@ 4 Rh ao! (CA. NARESH KUMARYS 35.00 (CA. wee Partner Partner Partner M. No. 082069 M.No. 410433 M. No. 050435 Place: New Delhi Dated: August 13, 2015INDIAN OIL CORPORATION LintTeD [clk-L2szonsen9ssc00011388 ‘ed. ofce: nian Bhavan, 6-9 Al Y5va Sung Mace Bana East), Mumba 60054 ‘Wiebe: winlec.com emal io nvestor@indono in TRATED RESUS TOR RUDRA "THREE MONTHS ENDED. FOR YEARENDED saveiors | 31032015] 300870] aL.022005) Pa i fnGore) STATENENT OF STARDACORE UNAUMED RESULT FORTE QUARTER ENDED SOTA IUNE2DES A FINANOAL 1 nconatrom operations {a1 Net sabvcome from operations (Net of exec duty) sovoonsr 9348155 ~ 12466620 (0) Other yecetinglncane ns unas aoa Total ame fom operations (Ne) ioiaosa2— was03 —Teas56.9 2 opens (a) costotmatet consumed gear —asen3s—srz0282 ——2asorsan (0) Porebreefstcin-Tade ‘smear 3734 sograts——vasm390, (2 chanesin ventory @ssas) —4eis09 Garrat ‘21607 (@)_Ermploye bene expense 23682 27258 S78 a8 70478 (6) Cepreccion and Amortiaton expenses Mew xomss anaes ages ( Ovner tenses 695586 73use1 6.27774 2947436 Total egenses 3149.68 Wseanse—iaa.75499 anspor. 7s 3 Prolite) trom Operavons before otter Income, FinenctCost and Exceponalitems (12) ass7a3 200s 2,201.70 sta A Other tame sean sseas 181722 ataaas ‘Protas before France Cost and cxceptonst ems (34) 9319s 9605s gamez 7047 6 Fnancotoet 8220 seas ona sasa7 1. Profits) haere Exceptions tem 6) amr georss 50198 637720 cept tems mst 3996 ats 64 146800 roti oss etore Tox (748) 9199.88 900761 3,850.59 7895.29 10, Toxtxpee “Caret a 1asia9 4298 639.9 120298 Mati Entement 83y (seu (sat) “Detered Tax 155613 150739 asus 59139 Dress 772226 7.65 2m 11, Net Protoss ater Tox(0-40) asso 685382298 s27303 2 Pald-up Euty Share Capt (rece vlue- 10 each) 2ass 2479524798 2an9s 13. Reservsexldng revaluation tees essen0. 14 Eatngspa Share) not annvaled) rest 2535 038 an (@ssicardbioted) (Face vale 810 ex) 8 PavstcaL waar) 3. Product Sis “Domest ssa man 18.768 ne export 3.106 102? 1008 378 2 eters hrovehpat aes Bs 86 suse 3 Ppalloesirournput 13955 real 90 75604 agri ‘SELECTED INTORNITON FOR THE GUARTER ENOED 90TH UNE TONS ‘A PARTICULARS OF SHAREHOLOING ‘ 1. Aggregate of Pubtesharehoeing {a)tamberot shares ‘ensees0 —7s2046020 2986062986820 (b) Percentage cf Sarat 8) Bus aa 313 sus 2. Promoters and Promoter Group staeholing (6) Pledged/ encumbered “Humber ofshoves : Percentage of eal Promaters end Pome ‘roup Selng (4) ' : . Percentage of Teta share Copia Company (4) : : : : (iWon -Erambered -Hurrber of shave 664805562 1664965862 Losnossse2 ——_ses4n6s582 Percentage of Tos Promatars a Promster Group Shureldng 6) 100.00 wooo sen00 e857 357 357 tw a sanNot 1 “he above results have been reviewed and recommended by the Audit Committee in its meeting held on 2” August 2015 and approved by the Board of Directors atits meeting held on 13°" August 2015, “he Financial Results have been reviewed by the Statutory Auditors as required under clause 41 of the liting agreement. ‘Aterage Gross Refining Margin for the quarter April - June 2015 Is $ 10.77 per bbl (April June 2014: $ 2.25 ver bbl). a) Inline with the scheme formulated by Petroleum Pianning and Analysis Cell (PPAC), the Company has received during the quarter April - June 2015, discounts of & 878.84 crore on Crude Oil/Products Puchased from ONGC/OIL/CPCL towards under recovery suffered on sale of SKO (PDS) [April - June 2014: %8107.21 crore on sale of HSD, SKO (PDS) and LPG (Domestic)] and the same has been adjusted against the purchase cost. b) The company has accounted for Budgetary Support of & 1732.95 crore during the quarter April-June 2015 towards under-recovery on sale of SKO (PDS) {April-June 2024: & 6075.63 crore on sale of HSD, SKO (PDS) ard LPG (Domestic)] as Revenue Grants and included in Net sales/income from operations. ©} The Company has suffered net under-realization of ® 1.51 crore during the quarter April-June 2015 on ‘ale of LPG (Domestic) (April-June 2014: € 1145.50 crore on sale of HSD, SKO (PDS) & LPG (Domestic). Enployee benefit expenses for the quarter April - June 2015 Includes ¥ 709.40 crore towards additional provision for Post Retirement Medical Benefit Scheme based on actuarial certificate, Pursuant to the requirements prescribed under Schedule II to the Companies Act, 2013 the Company has, effective 1" April 2015, reviewed and identified the components (significant parts) of the main asset hhaing different useful lives as compared to the main asset and depreciation has been charged accordingly. Due to this, the depreciation for the quarter April - June 2015 is higher by © 71.37 crore (instuding depreciation capitalized of € 0.92 crore). in addition, as per the transitional provisions, the Company has charged & 43.84 crore (net of deferred tax of € 23.21 crore) to the opening balance of General reserve as at 1" April, 2015. Other income for April - June 2014 includes % 745.40 crore as income on forward contract transactions ‘under RB forex swap window for public sector oll companies, Exceptional income for April - June 2015 represents income of € 472.54 crore (April -June 2014: 445,61 rote) arising out of additional state specific surcharge (SSC) towards U.P, entry tax paid in earlier years, in pursuance with MOP&NG order dated 30th March 2013. Impact, ff any, on account of impairment of assets will be reviewed at the year end. Figures for the previous periods have been regrouped wherever necessary.SEMEN vase aesuus incor THRUTED RESTS FOR TAUBTTED nests : “THREE MONTHS ENDED. FOR EAR ENDED Tagemeis| 31032015 | —so06z018 1032015, 1 SESWENT REVENUE {@)saleef Pevoieum roduts soem waza? s2g.61342 is 266.6 (O)ssleotPetrctemicels 439100429 801747 sass (Clother Business Atis 5835. 2n30__4s73s¢ 177618 subtotal Tossa” 9730585 13020048 —“asey0719 Los ner segment Reveoue 328005 sarags 5.24795 1s,15105, TOTALAEVENUE 01, 20682 a303 —Wig.9s669 a7 7613 2 semen nesuits {@)Proft efor Tay, interertincan, Flance Cot, ‘lend and Exceptonaltens fom eschetgment )SactPevoleum Prost yse02s 690322 a. 97605 sasist 1) Sale of Petrochem 330632406585 2iaae para 1 Other Busaees Aes 556. 830 278 (35.4 ‘subtotal (a) Sanit Fara? Fara aa (Wy irance cont 03.20 segp 1394 3msa7 (ther unaacabi expec at of ‘unalcabeincers) sss 22306) (ygon6) 40278) {o)Beeptional tens anse ‘3996s ‘esa PROF BEFORE TAX (t-cc) 098 gust “asa 59 3% cammaLemrtoveo: (Seqmeatassts-Segmenttlabites) (0) Sale of Petoleum rowcts 3593039 sanezas — 1049es.12 sap82.i6 (6) SleofPeuochericals M3603 1505718 S548? isasrie (6) Other business Actes izisssLoste 693.27 past {@)Uralocable- Corporate 77583 26356) (52,7227) os, 16309) ToraL 748735 6796997. 5858 196599 Tote e — ‘A. Segment Revente comps Net sses/income rom operators Nat of exe day) end Oe Operating lncome. fp, OtberBusnss segment ofthe Corporation compe; Sale of Gas, Ol & Ges Exploration Actives, Explosives & Cryogenic usiness and Wiad MIR SelorPowerGonereton, 7 C_Figres for tho previous peods hove been te sronged wherever necestry. BY ORDEROF THe BOARD Pace: New oath eke snannen Dated: Avauit23, 2018, cmRecTOR FANE) REARS aN)