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Last Updated : Oct 30, 2020 02:20 PM IST | Source: Moneycontrol.com

IOC beats estimates, posts more than 3-fold jump in Q2 standalone profit QoQ

The company's revenue from operations for the said quarter stood at Rs 1,15,749.43 crore, up from Rs 88,936.54 crore QoQ and Rs 1,32,376.86 crore YoY.

 
 
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Indian Oil Corporation (IOC) on October 30 said its Q2FY21 standalone net profit jumped more than three-time quarter-on-quarter (QoQ) to Rs 6,227.3 crore.

The company had reported a profit of Rs 1,910.84 crore in Q1FY21 and Rs 563.42 crore in Q2FY20.

The number was significantly above the market estimates as a CNBC-TV18 poll had estimated the number to the tune of Rs 3,210 crore.

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The company's revenue from operations for the said quarter stood at Rs 1,15,749.43 crore, up from Rs 88,936.54 crore QoQ and Rs 1,32,376.86 crore YoY.

EBITDA jumped 71 percent QoQ to Rs 9,426 crore in Q2FY21 against Rs 5,512.3 crore in Q1Fy21. CNBC-TV18 poll's estimates for EBITDA was of Rs 6,353 crore.

EBITDA margin came at 11 percent against 8.5 percent QoQ. CNBC-TV18 poll's expectation was 6.5 percent.

The company's tax expense stood at Rs 2,112.5 crore against Rs 717.7 crore QoQ.

The company said the average gross refining margin (GRM) for the period April- September 2020 was $3.46 per bbl against $2.96 per bbl for the same period of the previous year.

The core GRM or the current price GRM for the period April- September 2020 after offsetting inventory loss/gain came to $1.57 per bbl, the company said.
First Published on Oct 30, 2020 02:20 pm
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