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Business News/ Companies / Company Results/  Indian Oil reports net loss of 1,992 crore in Q1, revenue jumps 63%

State-owned Indian Oil Corporation (IOC) on Friday reported a 66.46% decline in its net profit at 1,992.53 crore for the quarter ended 30 June, 2022, as the country's top refiner sold fuel at a discount in the domestic market. 

The government-owned oil and gas company had reported a net profit of 5,941.37 crore in the year-ago period.

The company's revenue from operations rose 62.47% to 2.51 lakh crore in the quarter under review from 1.55 lakh crore in the same quarter last fiscal.

State-owned fuel retailers – IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) – did not change the prices of petrol and diesel during the quarter despite rates of crude oil (raw material for making fuel) climbing above $100 per barrel.

The company's Average Gross Refining Margin (GRM) for the period April-June 2022 is $31.81 per bbl (April- June 2021: $6.58 per bbl). The core GRM or the current price GRM for the period April-June 2022 after offsetting inventory loss/ gain comes to $25.34 per bbl, IOC said in a BSE filing.

"However, the suppressed marketing margins of certain petroleum products have offset the benefit of an increase in GRM," the firm said in notes to its accounts.

Shares of Indian Oil Corporation Ltd jumped 0.83% to close at 72.65 apiece on the National Stock Exchange.

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Meghna Sen
Business journalist tracking markets, companies, economy and crypto for Livemint. She has 6 years of experience with online and print publications. Email:
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Updated: 29 Jul 2022, 04:47 PM IST
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