Indian Oil Financial Results: Reports Net loss at Rs 1,993 crore in Q1 FY'23

The company's Net Loss for the quarter ended 30th June 2022 is Rs 1,993 crores as compared to the Net Profit of Rs 5,941 crores during the corresponding quarter of the previous financial year.

Indian Oil Financial Results: Reports Net loss at Rs 1,993 crore in Q1 FY'23
Indian Oil Reports Net loss at Rs 1993 crore in Q1 FY23

New Delhi: The government-owned oil and gas explorer and producer, Indian Oil Corporation Limited (IOCL) on Friday, July 29, 2022, reported a sharp fall in its net profit. The company's Net Loss for the quarter ended 30th June 2022 is Rs 1,993 crores as compared to the Net Profit of Rs 5,941 crores during the corresponding quarter of the previous financial year mainly on account of lower marketing margins during the current quarter. 

IndianOil reported Revenue from Operations of Rs 2,51,933 crores for the first quarter of Financial Year 2022-23 as compared to Rs 1,55,056 crores in the corresponding quarter of the previous financial year.

Speaking on the financial results IndianOil Chairman, Mr. S.M. Vaidya said, IndianOil sold 24.648 million tonnes of products,
including exports, during the first quarter of the financial year 2022-23. Our refining throughput for Q1 2022-23 is 18.936 million tonnes and the throughput of the Corporation’s countrywide pipelines network including gas pipelines is 24.649 million tonnes during the same period. 

The gross refining margin (GRM) during the first quarter of FY 2022-23 is $31.51 per bbl as compared to $6.58 per bbl in the corresponding quarter of the previous financial year. The core GRM for a current period after offsetting inventory loss/ gain comes to $25.34 per bbl, he added.

Indian oil shares jumped 0.83% to close at Rs 72.65 apiece on the National Stock Exchange (NSE).