Indian Oil Corporation beat street expectations in the March quarter led by a better-than-expected operating performance.
Revenue for the quarter came in flat at Rs 2.02 lakh crore compared to Rs 2.04 lakh crore in the December quarter. However, the number was higher than the Rs 1.88 lakh crore expected in a CNBC-TV18 poll.
Calculated refining margin for the company stood at $16 per barrel, higher than expectations of $12.7 per barrel.
The company's net profit of Rs 10,058.6 crore was higher than the expectations of Rs 6,393 crore. Indian Oil had reported a net profit of Rs 448 crore during the December quarter.
India's largest oil refiner, Indian Oil reported an operating profit of Rs 15,339 crore, while analysts were working with a figure of Rs 12,189 crore. EBITDA margin during the quarter stood at 7.6 percent, higher than the CNBC-TV18 poll of 6.5 percent.
EBITDA margin during the December quarter stood at 0.3 percent.
Revenue for the petchem segment stood at Rs 6,282 crore from Rs 3,509 crore sequentially. It also reported an EBIT of Rs 295 crore, compared to an EBIT loss of Rs 616.3 crore in December.
Indian Oil's petchem business reported an EBIT after two quarters of losses.
Shares of Indian Oil Corporation are trading 3.6 percent higher at Rs 87.25 post the result announcement.
First Published: May 16, 2023 2:40 PM IST
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