Indian Oil Corporation Q1 Results: Net profit rises 37% to ₹13,750 crore; revenue falls 2.3% QoQ

Indian Oil Corporation (IOC), the state-run oil refiner, reported a standalone net profit of ₹13,750.44 crore in the quarter ended June 2023, rising 36.7% from ₹10,058.69 crore in the previous quarter.

The company had posted a net loss of ₹1,992 crore in the same quarter last year.

IOC’s revenue from operations in Q1FY24 fell 2.36% to ₹2.21 lakh crore from ₹2.26 lakh crore, QoQ. The revenue stood at ₹2.51 lakh crore in the last year period.

Operational performance during the quarter improved as earnings before interest, taxes, depreciation and amortization (EBITDA) increased 44.5% to ₹22,163 crore from ₹15,340 crore, sequentially. 

Average Gross Refining Margin (GRM) for the period April- June 2023 was $8.34 per bbl.

The core GRM or the current price GRM for the period April- June 2023 after offsetting inventory Joss/gain comes to $9.05 per bbl.

IOC’s Petroleum Products EBIT in Q1FY24 increased to ₹18,720.44 crore from ₹11,686.07 in the quarter ended March 2023. The segment's revenue fell to ₹2.11 lakh crore from ₹2.16 lakh crore, QoQ.

Petchem EBIT plunged to ₹88.40 crore from ₹295.09 crore, QoQ, while the segment's revenue increased to ₹6,728.31 crore from ₹6,281.66, sequentially.

At 2:45 pm, Indian Oil Corporation share price was trading 0.10% lower at ₹95.50 apiece on the BSE.

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