New Delhi: Indian Oil Corporation (IOC) reported a healthy growth of 36.7 percent in standalone net profit in Q1 of FY2023-24 at Rs 13,750.44 crore. In the previous quarter (Q4 of FY2022-23), IOC had reported a net profit of Rs 10,058.69 crore. The growth in profit has come on the back of higher fuel sales and marketing margins and is significant because the oil retailer had posted a net loss in the June quarter of the previous financial year.
IOC’s revenue from operations in Q1 FY24 fell 2.36 percent to Rs 2.21 lakh crore in comparison to Rs 2.26 lakh crore, quarter-on-quarter. The revenue stood at Rs 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 percent to Rs 22,163 crore from Rs 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 loss/gain comes to $9.05 per bbl.
Indian Oil Chairman, SM Vaidya, said, “Indian Oil sold 24.407 Million Metric Tonnes of products, including exports, during the first quarter of financial year 2023-24. Our refining throughput for Q1 2023-24 is 18.752 Million Metric Tonnes and the throughput of the Corporation’s countrywide pipelines network including gas pipelines is 24.951 Million Metric Tonnes during the same period. The gross refining margin (GRM) during the first quarter of FY 2023-24 is $8.34 per bbl as compared to $31.81 per bbl in corresponding quarter of previous financial year. The core GRM for current quarter after offsetting inventory loss/ gain comes to $9.05 per bbl.”
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