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IOC’s Q3 earnings have taken analysts by surprise

IOC reported a standalone net profit of Rs 716.82 crore for the quarter that ended December 31, surprising analysts, who anticipated a Rs 900-crore loss

IOC’s Q3 earnings have taken analysts by surprise
IOC’s Q3 earnings have taken analysts by surprise

New Delhi: Indian Oil Corp Ltd (IOC) reported a standalone net profit of Rs 716.82 crore for the quarter that ended December 31, surprising analysts, who anticipated a Rs 900 crore loss. In the same quarter last year, India’s top refiner had reported a profit of Rs 7,883.22 crores. For Quarter 3, net sales rose to Rs 1.60 lakh crore compared to Rs 1.30 lakh crore in the year-ago period, surpassing analysts’ expectations of Rs 1.36 lakh crore sales. EBITDA for the quarter fell to Rs 3,610 crore for the quarter against Rs 13,287 crore in the same quarter the previous year.

The revenue from operations stood at Rs 1,60,137.96 crore for October-December, higher than Rs 1,30,875.98 crore during the same period the previous year

The gross refining margin for the April-December period declined to US$ 5.83 per barrel from $8.28 per barrel in the year-ago period. The revenue from operations stood at Rs 1,60,137.96 crore for October-December, higher than Rs 1,30,875.98 crore during the same period the previous year. In April-December, India’s top refiner, IOC, has accounted for budgetary support of Rs 3,533.80 crore since revenue grants on sale of SKO and no under-utilisation is suffered by the company. From Rs 1,19,976.97 crore a year ago, total expenses during the quarter under review rose to Rs 1,59,236.40 crores.

For April-December, employee benefit expenses were Rs 1,266.52 crore towards one-time contribution for superannuation benefit scheme for past periods.