IndianOil Q2 FY23-24 Results: Net Profit, Revenue declines, announces dividend

New Delhi: IndianOil reported Revenue from Operations of Rs 4,23,457 crores for the period April – September 2023 as compared to Rs 4,80,292 crores in the corresponding period of previous financial year.

The Net Profit for the six months ended 30th September 2023 is Rs 26,718 crores as compared to the Net Loss of Rs 2,265 crores during the corresponding period mainly on account of higher marketing margin and lower exchange losses during the current period.

Read Also : DMF Exhibition Inaugurated at Sun Temple, Konark: Empowering Communities by Sustainable Development

The Revenue from Operations of IndianOil is Rs 2,02,312 crores in Q2 2023-24 compared to Rs 2,28,363 crores in the corresponding quarter of the previous financial year. The Net Profit for the second quarter of FY 2023-24 is Rs 12,967 crores as compared to Net Loss of Rs 272 crores in the corresponding quarter of FY 2022-23.

The Board of Directors of the Corporation in its meeting held on 31st October 2023 has declared an interim dividend of Rs 5 per equity share. (face value: Rs 10/- per equity share).

Read Also : NLCIL CMD Shri PK Motupalli honored with IPMA Project Director (Level A) Certificate

IndianOil Chairman, Mr. S. M. Vaidya, said, “IndianOil sold 47.651 million tonnes of products, including exports, during the period April – September 2023. Our refining throughput for the first six months of FY 2023-24 was 36.524 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 48.821 million tonnes during the period. The gross refining margin (GRM) during the period April – September 2023 was US$ 13.12 per bbl as compared to US$ 25.49 per bbl in the corresponding period of previous financial year.

For the second quarter of FY 2023-24, IndianOil's product sales volumes, including exports, was 23.244 million tonnes. The refining throughput was 17.772 million tonnes, and the throughput of the Corporation’s countrywide pipelines network was 23.870 million tonnes during the quarter”.

Read Also : Powergrid Director (Operations) Discusses cooperation with UAE GCC Authority