Indian Oil Corporation (IOC) has reported impressive quarterly results for the third quarter of FY 2023-24, showcasing a significant surge in net profit to Rs 8,063 crore compared to Rs 448 crore in the same period last year. The boost in profit is attributed to higher refining margins.
Key Highlights of Indian Oil Q3 Results
- Revenue: IOC’s revenue from operations for Q3 FY 2023-24 stood at Rs 2,23,012 crore, slightly lower than the previous year’s figure of Rs 2,28,168 crore.
- Product Sales Volumes: The company’s product sales volumes, including exports, reached 24.621 million tonnes for the quarter.
- Refining Throughput: Indian Oil’s refining throughput for Q3 FY 2023-24 was 18.502 million tonnes, while the throughput of its countrywide pipelines network was 25.212 million tonnes.
Nine-Month Performance
For the nine months ended December 31, 2023, IOC reported a net profit of Rs 34,781 crore, a significant improvement from a net loss of Rs 1,817 crore during the same period last fiscal year. This turnaround is primarily attributed to higher marketing margins and lower exchange losses.
Indian Oil’s Outlook
Chairman S.M. Vaidya expressed satisfaction with the company’s performance, highlighting that product sales reached 72.272 million tonnes from April to December 2023. The refining throughput for the first nine months of FY 2023-24 stood at 55.026 million tonnes, with the corporation’s countrywide pipelines network throughput reaching 74.033 million tonnes during the same period.
Gross Refining Margin (GRM)
The gross refining margin (GRM) for the period April to December 2023 was $13.26 per barrel, showcasing the company’s resilience in navigating market dynamics.
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