IOCL reports net loss of Rs 449 crore in Q2 amid weak GRMs

IOCL

Indian Oil Corporation Limited (IOCL) reported a consolidated net loss of Rs 449 crore for the second quarter of the current financial year due to weak refining margins and lower product cracks.

The state-run oil retailer posted a profit of Rs 13,713 crore in the same period last year. Indian Oil’s net profit was Rs 3,772 crore in the June quarter.

On the standalone basis, net profit of the company fell 98.6 percent to Rs 180 crore in the second quarter from the last year.

Revenue declined marginally to Rs 1.98 lakh crore from Rs 2.05 lakh crore in the year-ago period, the company said in an exchange filing.

The company’s average Gross Refining Margin (GRM) for the period April - September 2024 was $4.08 per barrel, steep decline from $13.12 per barrel last year. The core GRM was $2.97 per barrel for the six months.

For the first six months of FY25, Indian Oil has booked under-recovery of Rs 8,870.11 crore on sale of LPG cylinders as “the retail selling price was less than MDP (market determined price)”, the company said.

The refineries throughput was 16.738 million metric tonne (MMT) in Q2FY25 compared to 17.772 MMT last year. The pipeline throughput was 23.985 MMT in the quarter.

On the marketing front, IOCL achieved product sales (domestic) of 21.931 MMT in the September quarter while exports were at 1.030 MMT.

IOCL shares closed at Rs 145.74 a piece on BSE, 0.39 percent lower than previous day’s close.