IOC Q1 FY23 results: Net profit surges by 37% to Rs 13,750.44 cr, revenue slumps by 2.3%
IOC’s revenue from operations in the June quarter decreased by 12 per cent to Rs 2.25 lakh crore as against Rs 2.55 lakh crore in the year-ago period.
- Jul 28, 2023,
- Updated Jul 28, 2023 3:30 PM IST
State-run oil refiner Indian Oil Corporation (IOC) reported a 37 per cent rise in its net profit in the April-June quarter, which stood at Rs 13,750.44 crore in contrast to Rs 10,058.69 crore in the previous quarter.
Its consolidated net profit stood at Rs 14,735 crore in the first quarter of FY2023-24. The state-run company had reported a net loss of Rs 883 crore in the same period in FY23 on the back of high international crude oil prices.
IOC’s revenue from operations in the June quarter decreased by 12 per cent to Rs 2.25 lakh crore as against Rs 2.55 lakh crore in the year-ago period.
Its revenue from operations in Q1 FY24 declined 2.36 per cent to Rs 1.98 lakh crore from Rs 2.02 lakh crore in Q4 FY23.
Operational performance during the quarter improved as earnings before interest, taxes, depreciation and amortization (EBITDA) increased 44.5 per cent to Rs 22,163 crore from Rs 15,340 crore, QoQ.
The Average Gross Refining Margin (GRM) for the period April- June 2023 was $8.34 per bbl, as against $31.81 per bbl in the June 2022 period.
The core GRM or the current price GRM for the first quarter after offsetting inventory loss/gain comes to $9.05 per bbl.
The company's revenue from petroleum products was recorded at Rs 2.11 lakh crore during the first quarter, down 13 per cent from Rs 2.42 lakh crore in the April-June 2022 period.
Revenues from the petrochemicals segment also fell marginally to Rs 6,728 crore, revenue from other businesses was reported at Rs 7,839 crore in the reporting first quarter.
IOC’s Petroleum Products EBIT in Q1cFY24 increased to Rs 18,720.44 c 23 rore from Rs 11,686.07 in the March quarter.
At 3:10 pm, Indian Oil Corporation shares were trading at Rs 95.36 apiece, down by 0.24 per cent, on the BSE.
Also read: Multibagger stock hits upper circuit after manifold jump in Q1 PAT
State-run oil refiner Indian Oil Corporation (IOC) reported a 37 per cent rise in its net profit in the April-June quarter, which stood at Rs 13,750.44 crore in contrast to Rs 10,058.69 crore in the previous quarter.
Its consolidated net profit stood at Rs 14,735 crore in the first quarter of FY2023-24. The state-run company had reported a net loss of Rs 883 crore in the same period in FY23 on the back of high international crude oil prices.
IOC’s revenue from operations in the June quarter decreased by 12 per cent to Rs 2.25 lakh crore as against Rs 2.55 lakh crore in the year-ago period.
Its revenue from operations in Q1 FY24 declined 2.36 per cent to Rs 1.98 lakh crore from Rs 2.02 lakh crore in Q4 FY23.
Operational performance during the quarter improved as earnings before interest, taxes, depreciation and amortization (EBITDA) increased 44.5 per cent to Rs 22,163 crore from Rs 15,340 crore, QoQ.
The Average Gross Refining Margin (GRM) for the period April- June 2023 was $8.34 per bbl, as against $31.81 per bbl in the June 2022 period.
The core GRM or the current price GRM for the first quarter after offsetting inventory loss/gain comes to $9.05 per bbl.
The company's revenue from petroleum products was recorded at Rs 2.11 lakh crore during the first quarter, down 13 per cent from Rs 2.42 lakh crore in the April-June 2022 period.
Revenues from the petrochemicals segment also fell marginally to Rs 6,728 crore, revenue from other businesses was reported at Rs 7,839 crore in the reporting first quarter.
IOC’s Petroleum Products EBIT in Q1cFY24 increased to Rs 18,720.44 c 23 rore from Rs 11,686.07 in the March quarter.
At 3:10 pm, Indian Oil Corporation shares were trading at Rs 95.36 apiece, down by 0.24 per cent, on the BSE.
Also read: Multibagger stock hits upper circuit after manifold jump in Q1 PAT