IOC misses street estimates, reports 47% YoY fall in Q1 net profit

Indian Oil Corporation (IOC) on July 31 reported a standalone profit of Rs 1,910.8 crore for the June quarter of FY21, down 47 percent from Rs 3,596.11 crore in the corresponding quarter a year ago.

A CNBC-TV18 poll had estimated the profit numbers at Rs 3,447 crore.

The numbers were better sequentially as in the March quarter, the company reported a loss of Rs 5,185.32 crore.

Revenue from operations came at Rs 88,936.54 crore in Q1FY21, down 41 percent YoY against Rs 1,50,136.70 crore in Q1FY20.

Standalone EBITDA came at Rs 5,512.2 crore against CNBC-TV18 poll of Rs 6,931 crore while EBITDA margin came at 8.8 percent against CNBC-TV18 poll of 10.6 percent.