State-owned Indian Oil Corp on Monday reported a fall of 76.7% in its consolidated net profit for the third quarter of this financial year at Rs 2,147.35 crore from Rs 9,224.85 crore in the corresponding period a year ago.
In the second quarter of the current financial year, the company had registered a loss of Rs 448.78 crore. The decline in the company’s net profit can be attributed to the under-recovery made on the sale of LPG cylinders and weak product cracks.
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The company’s revenue from operations also fell marginally by 3.2% to Rs 2.19 lakh crore in Q3FY25 compared to the same period of the previous fiscal. Total income too fell to Rs 2.20 lakh crore from Rs 2.28 lakh crore in the third quarter of FY24.
Shares of the major oil marketing company declined over 3% following the announcement of its weak Q3FY25 results. The shares closed at Rs 124.20 on Monday, down 3.16% from its previous close.
The company’s average gross refining margin (GRM) for April-December stood at $3.69 per barrel against $13.26 per barrel in the same period of last financial year. “The core GRM or the current price GRM for the period April-December after offsetting inventory loss/ gain comes to $4.22 per barrel,” the company said.
IOCL’s refinery throughput for the third quarter of FY25 stood at 18.110 million tonne as compared with 18.502 million tonne in Q3FY24. On a sequential basis, however, the throughput increased by 8.2%.
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The consolidated operating margin of the company also fell to 1.60% in the quarter ended December from 5.60% in the same period last fiscal year.
IOCL’s product sales, however, improved in the quarter under review. Domestic sales were up by 6.2% on year at 24.780 million tonne while exports rose by 4.7% to 1.354 million tonne.
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