Indian Oil Corporation (IOC) on July 29 reported a consolidated net profit of Rs 882.96 crore for the quarter ended June 2022 (Q1FY23). The numbers were 85.62 percent lower than Rs 6,140.63 crore profit reported in the same quarter last year.
Revenue from operations of the oil marketer came in at Rs 2,55,381.62 crore, up 63.16 percent against Rs 1,56,519.19 crore registered in the year-ago quarter.
The company said its expenses were much higher than the base quarter largely on the account of the cost of materials consumed, which refers to the relatively higher international crude oil prices.
The government-run company said the average gross refining margin (GRM) for the period April- June 2022 was $31.81 per barrel (April- June 2021: $6.58 per barrel).
The core GRM or the current price GRM for the period April-June 2022 after offsetting inventory loss/ gain comes to $25.34 per barrel. However, the suppressed marketing margins of certain petroleum products have offset the benefit of an increase in GRM, the company added.
Indian Oil said its domestic product sales were 22.973 million metric tonnes (MMT) compared to 18.745 MMT in the same quarter last year. Export was at 1.675 MMT compared to 1.580 MMT.Refinery throughput was at 18.936 MMT against 16.719 MMT in the year-ago quarter. Pipelines Throughput (incl. Gas Pipelines) was at 24.649 MMT compared to 20.491 MMT.