Q3FY23 results: Revenue from operations of Indian Oil increases by over 35% in Apr-Dec 2022

New Delhi: Indian Oil reported revenue from operations of Rs 7,08,461 crores for the period April–December 2022 as compared to Rs 5,21,988 crores in corresponding period of last year, registering an increase of 35.72 percent. The company recorded its net loss of Rs 1,817 crores for the nine months that ended on December 31, 2022 as compared to net profit of Rs 18,162 crores during the corresponding period mainly on account of lower marketing margin and higher exchange losses during current period. Overall, the company registered a 89.9 percent decrease in its net profit in Q3FY23.

The revenue from operations of Indian Oil is Rs 2,28,168 crores in Q3 2022-23 as compared to Rs 1,97,168 crores in the corresponding quarter of last year. The net profit for the third quarter of FY 2022-23 is Rs 448 crores as compared to Rs 5,861 crores in the corresponding quarter of last year.

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Indian Oil Chairman, S M Vaidya, said, "Indian Oil sold 71.382 million tonnes of products, including exports, during the period April-December 2022. Our refining throughput for first nine months of FY 2022-23 was 53.231 million tonnes and the throughput of the Corporation's countrywide pipelines network was 72.085 million tonnes during the period. The gross refining margin (GRM) during the period April – December 2022 was USD 21.08 per bbl as compared to USD 8.52 per bbl in corresponding period of previous financial year."

"For the third quarter of FY 2022-23, Indian Oil's product sales volumes, including exports, was 24.305 million tonnes. The refining throughput was 18.202 million tonnes and the throughput of the Corporation's countrywide pipelines network was 23.801 million tonnes during the quarter," he added.

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