Published 16:42 IST, July 30th 2024
Indian Oil Q1 net profit falls 45% to Rs 2,643 crore, revenue slumps 1.8%
The standalone revenue from operations of the company also fell as much as 1.8 per cent from Rs 2,18,875.55 crore to Rs 2,15,988.76 crore on a year-on-year.
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Indian Oil Q1 earnings: Indian Oil Corporation on Tuesday released the earnings report for the first quarter of the current fiscal year (Q1FY25) reporting a 45.36 per cent decline in the net profit. The net profit of the company fell from Rs 4837.69 crore, reported in the last quarter of the previous fiscal (Q1FY24), to Rs 2,643 crore.
The standalone revenue from operations of the company also fell as much as 1.8 per cent from Rs 2,18,875.55 crore to Rs 2,15,988.76 crore on a year-on-year basis.
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The major drop in net profit and EBITDA can be attributed to two main factors. Firstly, there was a decline in the refining segment, with the average gross refining margin for the quarter falling to $6.39 per barrel, a decrease of 23.4 per cent from the $8.34 per barrel reported a year earlier. Secondly, the company experienced losses in LPG sales, reporting LNG under-recoveries amounting to Rs 5,156.53 crore due to the disparity between the subsidised retail selling price and the actual cost.
In the first quarter of FY25, Indian Oil's refinery throughput remained flat. However, the pipeline throughput for the quarter increased by 5 per cent on a sequential basis. Domestic product sales experienced a 1 per cent quarter-on-quarter rise, reaching 24.063 million metric tonnes. In contrast, exports declined by 23 per cent, amounting to 1.189 million metric tonnes.
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As of 3:21 pm, the shares of the company were trading 1.8 per cent up at Rs 183.50 apiece.
16:42 IST, July 30th 2024