Indian Oil Q2 results, shares gets no impact, revenue for Q2 stands at Rs 1.74 lakh crore
The standalone profit falls 99% for the September quarter. Previously it was Rs 12,967 crore.
Indian Oil Q2 results, shares gets no impact, revenue for Q2 stands at Rs 1.74 lakh crore
State-owned Oil refiner Indian Oil Corporation Ltd. (IOC), reported a net profit of Rs 180 crore during the July-September period. The company reported its results on Monday, October 28. The standalone profit falls 99% for the September quarter. Previously it was Rs 12,967 crore.
Indian Oil's Revenue for the quarter stood at Rs 1.74 lakh crore. On a sequential basis, Indian Oil's revenue declined by 10%. Meanwhile, the Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) fell by more than half, declining by 56% from the June quarter to Rs 3,773 crore, whereas, the EBITDA margin for the quarter narrowed by 230 basis points from June to 2.2%.
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The Oil firm’s revenue declined both on a YoY and QoQ basis, driven by lower crude prices and reduced demand. The company’s profitability took a spontaneous hit, turning negative for the quarter. This can be attributed to fluctuating and oscillating crude oil prices, higher costs, and challenging market conditions impacting the company’s margins.
Revenue from operations declined 4% year-on-year (YoY) to Rs 1.95 lakh crore in the reporting quarter, down from Rs 2.02 lakh crore a year ago. The shares witnessed no drastic change with trading low by 0.39% at Rs 145.74
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