IOCL Shares Up 4% After Q3 Financial Results Announcement

25 Jan 2024 , 12:09 PM

Indian Oil Corporation Limited (IOCL) announced a multi-fold rise in consolidated net profit from Rs 890.28 crore reported in the previous year to Rs 9,224.85 crore for the third quarter of the financial year 2023–24 on January 24. The company recorded profits for the quarter under review thanks to stronger marketing margins compared to the previous year.

Nevertheless, Indian Oil reported a profit of Rs 13,713.08 crore for the July-September quarter, a 33% sequential fall in net profit. Profit decreased in Q3 compared to Q2 due to significant inventory losses and a dramatic drop in diesel cracking.

With its operating revenue of Rs 2.26 lakh crore in Q3 as opposed to Rs 2.05 lakh crore in Q2, the state-run oil marketing firm outperformed market expectations. Its sales did, however, fall 2.6% from the previous year.

According to IOCL’s stock exchange report, the company’s average gross refining margin (GRM) for the first nine months of FY24 was $13.26 per barrel, compared to $21.08 during the same time the previous year. According to Indian Oil, the core GRM, or current price GRM, for the April–December 2023 period is $11.73 per barrel after deducting inventory loss or gain.

Petroleum EBIT (profits before interest and taxes) for the nation’s biggest oil refiner and retailer was Rs 12,100 crore in the third quarter, up from Rs 1,971 crore in the same time the previous year. In contrast to Q3FY23’s loss of Rs 616.38 crore, the petchem segment reported a loss of Rs 196.21 crore in Q3FY24.

Compared to 23.170 MMT in the previous year, the company’s domestic product sales during the quarter was unchanged at 23.328 million metric tonnes (MMT).

During the quarter, Indian Oil’s refinery throughput and pipeline throughput were 18.502 MMT and 25.212 MMT, respectively.

IOCL shares were up 4% from the previous day’s finish at Rs 144.60 a share on the BSE at 2:46 pm.

For feedback and suggestions, write to us at [e-mail]