IOC Q3 results: Net profit falls by 92% to Rs 448 cr

IOC suffered under recoveries from sale of domestic LPG in the Financial Year 2021-22, to compensate for the under recovery, Indian Oil Corporation (IOCL) has received one time grant of `10,801 crore from the government in October 2022 .

Written by Rajat Mishra

February 1, 2023 02:15 IST

IOC Q3 results Net profit falls by 92% to Rs 448 cr

The company's earnings before interest, taxes, depreciation and ammortisation (EBITDA) grew 83% to `3,593 crore for the third quarter of the current financial year. Its margin — a key measure of profitability — declined by 90 basis points on a year-on-year basis to 0.9%. (File/Reuters)

State-run oil marketing company, Indian Oil Corporation (IOCL) on Tuesday reported a net profit of`448 crore for the October-December period (Q3FY23), as against a profit of `5,860.80 crore in the year ago period. The net profit of IOCL declined by 92%.The company returned to profitability after two consecutive quarter of losses. The profit in the Q3 of FY23 was driven mainly by easing crude oil prices. The revenue from operations was up by 15% to `2.28 trillion from `1.97 trillion in the corresponding quarter last fiscal.On a consolidated basis, IOCL reported decline of 87.41% in net profit to `773.23 crore as against Rs 6,143.08 crore in the year ago period.

The company’s earnings before interest, taxes, depreciation and ammortisation (EBITDA) grew 83% to `3,593 crore for the third quarter of the current financial year. Its margin — a key measure of profitability — declined by 90 basis points on a year-on-year basis to 0.9%.

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“Average Gross Refining Margin (GRM) for the period April- December 2022 is $21.08 per bbl (April- December 2021: $8.52 per bbl). The core GRM or the current price GRM for the period April -December 2022 after offsetting inventory loss/ gain comes to $20.55 per bbl. However, the suppressed marketing margins of certain petroleum products have offset the benefit of increase in GRM,” said the company in its regulatory filing.