Indian Oil Corporation (IOC) on January 27 announced its results for the quarter ended December 31, 2025. The state-owned firm reported a net profit of Rs 2,873.53 crore in Q3FY 25. This marks a significant decline of nearly 64 percent from the Rs 8,063.39 crore net profit reported in the corresponding quarter of previous financial year.
The drop in the company's profit was on account of under-recovery on the sale of LPG cylinders, weak product cracks and inventory losses.
The company's revenue from operations fell nearly 3 percent year-on-year to Rs 2.17 lakh crore in Q3FY25. The revenue from operations stood at Rs 2.23 lakh crore in Q3 of FY24. Its total expenses meanwhile rose marginally to Rs 2.16 lakh crore. Earnings per share (EPS) stood at Rs 2.09 during the quarter.
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Indian Oil Corporation's average gross refining margin (GRM) for the period between April and December stood at $3.69 per barrel, significantly lower than the $13.26 per barrel GRM reported in the corresponding quarter of the previous financial year.
Shares of the oil major dropped over 3 percent after the Q3 results were announced. The shares closed at Rs 124.20 on January 27. The shares are currently only 2 percent higher than their 52-week-low record of Rs 121.25. The stock is still 37 percent lower than its 52-week-high record of Rs 196.8 per share. It currently has a market cap of around 1.75 lakh crore, as per data on BSE.
The company's domestic product sales rose by 6 percent in the quarter to 24.780 million metric tonnes (MMT) from 23.328 MMT last year. IOC's refineries throughput came in lower at 18.110 MMT, compared to 18.502 MMT in the last year.
Indian Oil, along with its unit Chennai Petroleum, controls about a third of India's five million-barrel-per-day refining capacity.
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