Indian Oil Corporation Ltd on Tuesday recorded Q2 profit at Rs 13,713.08 crore as against a loss of Rs 910.21 crore during the second quarter of FY23, beating estimates. It posted revenue from operations at Rs 2,05,283.03 crore, down 11.9 per cent in comparison to Rs 2,33,016.97 crore during the same period last year. According to a CNBC TV18 poll, Indian Oil was expected to post Q2 profit at Rs 11,171 crore and revenue for the quarter ended September 2023 at Rs 2.12 lakh crore.
Indian Oil recorded total income during the quarter at Rs 2,05,789.51 crore, down 12 per cent as compared to Rs 2,33,800.98 crore during Q2FY23. Meanwhile, total expenditure during Q2FY24 was at Rs 1,87,699.29 crore, down 20 per cent in comparison to Rs 2,34,574.26 crore during the second quarter of FY23.
Indian Oil Board also declared an interim dividend of 50 per cent i.e. Rs 5 per equity share of face value of Rs 10 each for the year 2023-2024. “The Board has fixed Friday, 10th November 2023 as the record date for the purpose of ascertaining the eligibility of shareholders for payment of interim dividend. The interim dividend would be paid to eligible shareholders on or before 30th November 2023,” the company said in a regulatory filing.
Indian Oil’s petroleum products business recorded a revenue of Rs 1,93,320.60 crore and its petrochemicals business posted a revenue of Rs 6,613.35 crore during the quarter ended September 2023.
The company’s average gross refining margin (GRM) for the fiscal first half April-September 2023 was $13.12 per barrel as compared with $25.49 per barrel in the year-ago period.