IOC Q2 Result: Indian Oil's profit increased to Rs 12967 crore in September quarter, decline in revenue
Indian Oil Corporation today announced its financial results for the second quarter of its financial year. According to the results, the company's net profit in the September quarter stood at Rs 12967.32 crore. Indian Oil had suffered a loss of Rs 272.35 crore in the same period last year. The company has attributed the increase in profit to refining and marketing margins.
Government oil company Indian Oil Corporation (IOC) has today announced the results of the second quarter of the current financial year. According to the financial results, the company's net profit in the September quarter stood at Rs 12,967.32 crore.
Indian Oil said that in the same period a year ago, the company had suffered a loss of Rs 272.35 crore. However, this time Indian Oil has attributed the increase in refining and marketing margins as the reason for the increased profit in the quarter.
Pre-tax earnings from sales of petroleum products increased to Rs 17,755.95 crore in the second quarter of the current financial year, from Rs 104.04 crore in the same period last year.
Last year, despite the increase in global oil prices after Russia's invasion of Ukraine, government oil companies like IOC, Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) kept the prices stable.
Oil prices increased in the international market but the government oil companies in the country kept the prices of petrol and diesel stable, due to which all three companies incurred losses in the first half of the 2022-23 financial year (April 2022 to March 2023).
IOC suffered a loss of Rs 2,264.88 crore in April-September 2022. However, this year, the company reported record earnings of Rs 26,717.76 crore in April-September 2023, higher than the record net profit of Rs 24,184 crore reported by the company in 2021-22.
Releasing its financial results, Indian Oil said that due to low oil prices, its revenue fell to Rs 2.02 lakh crore in July-September from Rs 2.28 lakh crore last year.
The company said it earned US$13.12 on converting each barrel of crude oil into fuel in April-September 2023, while the gross refining margin in the same period last year was US$25.49.
According to the results, IOC sold 21.941 million tonnes of petroleum products in the September quarter. At the same time, fuel has been extracted from 17.772 million tonnes of crude oil in the refinery of Indian Oil in the September quarter.
