Indian Oil Corporation Ltd., India's largest oil refiner reported a net profit of ₹8,064 crore for the October-December period, surpassing the CNBC-TV18 poll expectations of ₹4,387 crore.
However, on a sequential basis, the net profit for the company declined by 38% from ₹12,967 crore.
The net profit was also boosted by a higher other income component of ₹1,452 crore, compared to ₹982 crore in the previous quarter. Tax expenses also reduced by over ₹1,500 crore to ₹2,704 crore from ₹4,202 crore in the previous quarter.
Revenue for the quarter increased by 10.6% from the previous quarter to ₹1.99 lakh crore, from ₹1.8 lakh crore in the September quarter. A CNBC-TV18 poll had pegged the figure at ₹1.86 lakh crore.
EBITDA or Earnings Before Interest, Tax, Depreciation and Amortisation for the quarter declined by a quarter or 27.3% from the September quarter figure of ₹21,313 crore to ₹15,488 crore. The EBITDA figure was also higher than the ₹9,741 crore estimate pegged in a CNBC-TV18 poll.
Indian Oil's EBITDA margin also declined by 400 basis points sequentially to 7.8% from 11.8%, but higher than the estimate of 5.1%.
Gross Refining Margin or GRM, calculated by CNBC-TV18 stood at $13.5 per barrel, higher than the CNBC-TV18 poll of $10 per barrel. Refining throughput for the quarter stood at 18.5 million tonnes, higher than the estimate of 18 MT.
However, the company's Petchem segment remained loss-making on an operational level, with the net loss widening to ₹196 crore from ₹163 crore in the previous quarter.
Shares of Indian Oil Corporation are trading 2.5% higher to trade at ₹142.40. The stock is trading close to the day's high.
(Edited by : Amrita)
First Published: Jan 24, 2024 2:47 PM IST
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