Indian Oil Corporation Ltd., India's largest downstream refining company has reported a 6% decline in its quarterly net profit on a sequential basis. The company reported a net profit of ₹12,967 crore.
IOC's bottomline was well above the CNBC-TV18 poll projection of ₹11,171 crore. For the June quarter, the company had reported a net profit of ₹13,750 crore.
Revenue for the quarter stood at ₹1.8 lakh crore which missed expectations from the CNBC-TV18 poll, which had pegged the figure at ₹2.12 lakh crore. On a sequential basis, Indian Oil's revenue declined by 9%.
Operating profit or EBITDA for the quarter declined by 4% quarter-on-quarter to ₹21,313 crore, which was higher than the CNBC-TV18 poll of ₹18,419 crore.
EBITDA margin expanded by 70 basis points sequentially to 11.9% from 11.2% in June. The margin figure was also well above the CNBC-TV18 poll of 8.7%.
The company's refinery throughput stood at 17.8 MMT compared to estimates of 18.5 MMT. Refinery Throughput means the monthly volume of crude oil fed to the crude unit at the refinery in barrels each month.
Indian Oil's calculated Gross Refining Margin (GRM) for the quarter stood at $18.4 per barrel, which was lower than the CNBC-TV18 poll expectation of $19.5 per barrel.
The company's petchem business reported an EBIT of ₹163.4 crore compared to ₹88.4 crore in the June quarter. The business had reported an EBIT loss of ₹129 crore.
Shares of Indian Oil Corporation have recovered from the day's low post the results announcements and have surged to the highest point of the day. The stock is now trading 1.4% higher at ₹89.50. The stock has risen 15% so far in 2023.
First Published: Oct 31, 2023 2:28 PM IST
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