IOCL Q3 Results: Net Profit stands Rs 8,063 cr

Indian Oil Corporation Ltd has announced its earnings for the September-December period. In the third quarter of FY24, India’s largest oil firm reported a net profit to Rs 8,063 crore, down 38% from Rs 12,967 crore quarter-on-quarter.

IOCL Q3 Results: Net Profit stands Rs 8,063 cr

The company’s shares gained 3.24% to end at Rs 143.50 against the previous close of Rs 139 on the BSE. While net revenue for the quarter increased by 11% to Rs 1.99 lakh crore from Rs 1.79 lakh crore in the previous quarter. The EBITDA margin declined 7.8% from 11.9% in the previous quarter while it stood at Rs 21,313 crore in Q2 FY24.

KEY FEATURES AND PREVIOUS DATA OF QUARTERLY RESULTS:

Indian oil reported Revenue from operations of Rs 4,23,457 crores for April-September 2023 as compared to Rs 4,80,292 crores in the corresponding period of the previous financial year. The Net profit for the six months ended 30th September 2023 is Rs 26,718 crores as compared to Net Loss of Rs 2,265 crores during the last year.

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For nine months, April-December, 2023, IOC posted a net profit of Rs 34,781.15 crore as against a loss of Rs 1,816.87 crore last year. The combined earnings of nine months are more than the highest-ever net profit the company posted in 2021-22. The revenue from operations was marginally lower at Rs 2.23 lakh crore in October-December from Rs 2.28 lakh crore from the previous year.

The pre-tax earnings from the sale of petroleum products soared to Rs 11,428.88 crore in the third quarter of the current fiscal compared to Rs 1,541.95 crore in the same period last year. The company sold 23.32 million tonnes of petroleum products in the December quarter, up from 23.17 million tonnes last year and 21.94-tonne sales in the previous quarter.

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The refineries have processed 18.5 million tonnes of crude oil into fuel during October-December, which surged from 18.2 million tonnes last year. The share price of the company today went high up by 3.24%. The stock is currently trading at 143.5 per share. The company's market capitalization is Rs 197,621.9 crore.

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