On a standalone basis, Indian Oil Corporation's (IOCL) net profit tumbled 92.36% to Rs 448.01 crore in Q3 FY23 as against Rs 5,860.80 crore recorded in Q3 FY22.
Revenue from operations (excluding excise duty) rose 22.76% to Rs 204,740.20 crore in Q3 FY23 from Rs 166,784.61 crore recorded in the same period a year ago.The company's profit before tax slumped 96.57% to Rs 256.65 crore in the quarter ended 31 December 2022.
Total expenses increased 20.18% year on year to Rs 229,626.75 crore in Q3 FY23. Cost of materials consumed jumped 40.22% to Rs 108,851.35 crore in Q3 FY23 as compared to Rs 77,629.79 crore in reported in Q3 FY22.
Domestic sales rose by 10.22% to 23.170 million metric tons (MMT) while export sales slipped 27.71% to 1.135 MMT in Q3 FY23 as against Q3 FY22.
The refineries throughput was 18.202 MMT (up 4.59% YoY) and the Pipelines Throughput (incl. Gas Pipelines) was 23.801 MMT (up 6.45% YoY) for the quarter ended on 31 December 2022.
During 9M FY23, the company reported a net loss of Rs 1,816.87 crore as against net profit of Rs 18,162.22 crore posted in the same period last year. Revenue from operations (excluding excise duty) jumped 51.23% to Rs 636,478.13 crore in 9M FY23 over 9M FY22.
The average gross refining margin (GRM) for the period April- December 2022 was $21.08 per bbl as compared to $8.52 per bbl registered in April- December 2021. 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, the company said.
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Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 December 2022, the Government of India held 51.50% stake in the company.
Shares of Indian Oil Corporation rose 0.12% to Rs 81.80 on the BSE.
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