Indian Oil Corporation Ltd (IOC) on July 30 reported consolidated net profit of Rs 3,722.63 crore for the first quarter of the current financial year, a decline of 75 percent from the year-ago period.
The company posted a profit of Rs 14,735.30 crore in the year-ago period. The decline in profits comes amid low gross refining margins (GRMs).
Sequentially, net profit was down 32 percent as the company reported net profit of Rs 5,487.92 crore in the quarter ended March 31.
Revenue declined almost three percent in Q1FY25 to Rs 2.19 lakh crore from the previous year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 55 percent from the last year to Rs 11,024.51 crore.
IOCL’s average gross refining margin (GRM) fell to $6.39 a barrel against $8.34 in the year-ago period.
The company’s board has accorded stage - 1 approval for construction of greenfield terminal at Bihta, Patna, Bihar on Barauni-Kanpur product pipeline (BKPL) and Patna-Motihari-Baitalpur Pipeline (PMBPL) at an estimated cost of Rs 1,698.67 crore.
The company’s refineries throughput was 18.168 million metric tonne (MMT) against 18.752 MMT in the previous year. Meanwhile, the company’s pipeline throughput came in at 25.811 MMT from 24.951 MMT in the same period last year.
IOCL achieved quarterly domestic sales volume of 24.063 MMT, compared to 23.305 MMT last year. Exports volume in the quarter was 1.189 MMT.
IOCL shares closed at Rs 183 a piece on BSE, 1.55 percent higher than previous day’s close.
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