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Business News/ Companies / Company Results/  IOC Q3 update: Net profit declines 92% YoY to 448 cr, revenue rises 15%
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IOC Q3 update: Net profit declines 92% YoY to ₹448 cr, revenue rises 15%

The revenue from operations was up by 15 per cent at ₹2,28,168.34 from ₹1,97,168.46 core

IOCL which caters to nearly half of India's petroleum consumption has been making significant investments in upstream assets. (Reuters)Premium
IOCL which caters to nearly half of India's petroleum consumption has been making significant investments in upstream assets. (Reuters)

State-run oil marketing major Indian Oil Corporation Ltd on Tuesday reported decline in standalone net profit to 448.01 crore as against a profit of 5,860.80 crore in the year ago period. The net profit of IOCL declined by 92 per cent.

The revenue from operations was up by 15 per cent at 2,28,168.34 from 1,97,168.46 core in the corresponding quarter last fiscal.

However, on a sequential basis, the company has posted profit from a loss of 272.35 crore.

On a consolidated basis, IOCL reported decline of 87.41 per cent in net profit to 773.23 crore as against 6,143.08 crore in the year ago period.

"Average Gross Refining Margin (GRM) for the period April- December 2022 is $21.08 per bbl (April- December 2021: $8.52 per bbl). The core GRM or the current price GRM for the period April -December 2022 after offsetting inventory loss/ gain comes to $20.55 per bbl. However, the suppressed marketing margins of certain petroleum products have offset the benefit of increase in GRM," said the company in its regulatory filing.

The company suffered under recoveries from sale of domestic LPG in the Financial Year 2021-22 and in nine months ended 31't December 2022, said IOCL in its filing.

Indian Oil Corporation (IOCL) has received one time grant of 10,801 crore from  the government in October 2022 in order to compensate for under recoveries.

The company's scrip was 0.37 per cent lower at 81.40 on BSE.

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Published: 31 Jan 2023, 02:02 PM IST
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