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Total expenses were higher at Rs 3,280.78 crore as compared to Rs 2,673.58 crore in the corresponding period a year ago, with cost of materials consumed rising to Rs 2,219.63 crore from Rs 1,839.4 crore in the same quarter previous year.

“From worries of deflation two years ago, we are now in the midst of heightened worries about inflation. It remains to be seen how this actually plays out just as two years ago, the demand collapse situation did not play out, we will have to see whether the supply constraints continue or improve.”

The sales revenue jumped 24% from a year earlier to Rs 104,942 crore in the Jan-March period on higher prices. The gross refinery margin (GRM) was $12.44 per barrel for the quarter compared to $8.11 for the same period in the previous year.

China, in a monthly fixing, lowered the five-year loan prime rate (LPR) by 15 basis points to 4.45%, the biggest reduction since China revamped the interest rate mechanism in 2019 and more than the five or 10 basis points tipped by most in a Reuters poll.

"We are in a tough position right now as the inflation is rising fast because inflation is rising everywhere else in the world and because of that we cannot escape it alone and the recessionary trend is also coming the world over and we cannot escape that. We are perhaps better positioned to withstand the problem that some other countries can’t. We will not collapse like Sri Lanka or Pakistan but we are certainly in trouble."

The MSCI world equity index, which tracks shares in 50 countries, rose 0.5% but for the week was still shedding 1% and on track for its seventh consecutive weekly decline, its longest losing streak since its inception in 2001. It would also be the longest including back-tested data extending to January 1988.

“We are not putting a timeline around the whole process, we do not want to make a mistake. We are very clear that we can take a few more months if required but not make a mistake of getting a wrong person in place and so there is no timeline as such and whatever time it takes we will go through it and get the right candidate into the bank at that point in time.”

Revenue from the operations of the company advanced 23.12 per cent to Rs 37,085.07 crore from Rs 30,102.60 crore during the period under review.

Promoters held 46.74 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 16.44 per cent and 14.84 per cent, respectively.