IOC Q1 Result: Indian Oil earned the highest profit in 10 years, the company's net profit crossed 13750
Indian Petroleum Corporation (IOC), one of the country's largest oil companies, today released the results for the first quarter of FY 2024. According to the results, IOC reported a net profit of Rs 13750.44 crore for the three months ended June, the highest in 10 years. Apart from this, the revenue from the operations of the company has decreased.
Indian Oil Corporation (IOC), one of the country's largest oil companies, has today released the results for the first quarter of FY24. According to the results, IOC has posted a net profit of Rs 13,750.44 crore in the three months to June 30, the highest in 10 years.
IOC said in a stock exchange filing that the company's standalone net profit stood at Rs 13,750.44 crore, as against a loss of Rs 1,992.53 crore in the same period a year ago.
The profit was nearly 37 percent higher than the previous quarter's net profit of Rs 10,058.69 crore and more than half of the company's best-ever annual earnings of Rs 24,184.10 crore recorded in 2021-22 (April 2021 to March 2022).
IOC made a net profit of Rs 14,513 crore in January-March 2013 after it received fuel subsidies for more than a quarter during those three months.
Let us tell you that since last year, IOC, Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) have not revised the price of oil to provide relief to domestic consumers from rising international oil rates, due to which all three Heavy losses were incurred not only in April-June 2022 but also in the subsequent quarter.
IOC's revenue from operations fell 2.36 percent to Rs 2.21 lakh crore due to a fall in oil prices. At the same time, IOC's EBITDA increased by 44.5 percent to Rs 22,163 crore from Rs 15,340 crore.
The filing said the company earned USD 8.34 on turning each barrel of crude into fuel during the quarter that ended June 30, as against gross refining margin (GRM) at USD 31.81 per barrel in the same period last year.
The core GRM or current price GRM for the April-June 2023 period came to USD 9.05 per barrel after offsetting inventory losses/gains.
IOC said fuel sales in the first quarter rose to 21.8 million tonnes from 21.2 million tonnes a year earlier. Its refineries refined 18.26 million tonnes of crude, up from 17.59 million tonnes in April-June 2022.
