Moneycontrol BureauState-run oil retailer Indian Oil Corporation (IOC) surpassed analysts' estimates on Thursday by reporting first quarter net profit at Rs 6,436 crore, up 2.5-fold over Rs 2,523 crore in the same quarter last year. The sequential growth in profit was 2.4 percent.
Profit was estimated at Rs 4,000 crore, according to average of estimates of analysts polled by CNBC-TV18.
Total income from operations dropped 19.2 percent year-on-year (up over 7 percent sequentially) to Rs 1.01 lakh crore due to fall in crude oil prices.
Other income during June quarter plunged 80 percent to Rs 362.4 crore while tax expenses shot up 169 percent to Rs 2,764.2 crore compared to same quarter last year. In the same period, finance cost slipped 35.2 percent to Rs 592.2 crore from Rs 913.9 crore.
IOC said average gross refining margin climbed 4.8 times to USD 10.77 a barrel during the quarter compared to USD 2.25 a barrel in same quarter last year.
The company has suffered net under-realisation of Rs 1.51 crore during April-June quarter on sale of LPG (domestic) against Rs 1,145.5 crore on sale of HSD, SKO (PDS) and LPG.Operating profit (earnings before interest, tax, depreciation and amortisation) surged 173.2 percent year-on-year and 8.8 percent sequentially to Rs 10,100 crore in the quarter ended June. Margin expanded 10 basis points to 10 percent from 9.9 percent quarter-on-quarter.
At 15:14 hours IST, the scrip of Indian Oil Corporation was quoting at Rs 392.40, up Rs 4.50, or 1.16 percent on the BSE.Posted by Sunil Shankar Matkar
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