Synopsis
Indian Oil Corporation (IOC) has reported a net profit of Rs 2,873.53 crore for the October-December quarter of FY25, a significant recovery from the previous quarter's Rs 180 crore. However, this represents a 64% decline compared to the same period last year.Key Takeaways
- Net profit of Rs 2,873.53 crore for Oct-Dec FY25.
- Significant recovery from Rs 180 crore in previous quarter.
- Domestic sales growth of 13% year-on-year.
- Exports increased by 31% to 1.345 million metric tonnes.
- GRM dropped to $3.69 per barrel.
New Delhi, Jan 27 (NationPress) Indian Oil Corporation (IOC) disclosed a net profit of Rs 2,873.53 crore for the October-December period of the current financial year, marking a significant rebound from the mere Rs 180 crore net profit achieved in the previous quarter.
This increase in revenue during the third quarter was fueled by a rise in sales volumes. The oil marketing company experienced a 13 percent year-over-year growth in domestic sales, reaching 24.78 million metric tonnes, while exports surged 31 percent to 1.345 million metric tonnes.
Conversely, the net profit for the third quarter showed a year-on-year decline of nearly 64 percent, down from the Rs 8,063.39 crore net profit reported in the same quarter of the previous financial year.
The average gross refining margin (GRM) for Indian Oil during the period from April to December was $3.69 per barrel, a significant drop from $13.26 per barrel in the corresponding quarter of the prior financial year.
In Q3 FY25, the company's revenue from operations fell nearly 3 percent year-on-year, totaling Rs 2.17 lakh crore, compared to Rs 2.23 lakh crore in Q3 of FY24. Meanwhile, total expenses experienced a slight increase to Rs 2.16 lakh crore. The earnings per share (EPS) for this quarter stood at Rs 2.09, as per financial reports.
The decline in net profit during the second quarter was attributed to inventory losses and reduced refining margins.
For the period of April to September 2024, Indian Oil's revenue from operations was Rs 4,11,138 crores, down from Rs 4,23,457 crores in the same timeframe of the previous financial year.
During this same period, IndianOil sold 48.213 million tonnes of products, including exports.
“Our refining throughput reached 34.906 million tonnes, while the throughput of the corporation's extensive pipeline network was 48.213 million tonnes during this timeframe,” the company stated.
