Higher marketing margins led to over 4.8 times hike in FY24 net profit of Indian Oil
IOC says the higher net profit is because of the higher marketing margins as compared to the last year.
Indian Oil (Reuters)
NEW DELHI: Oil major, Indian Oil Corporation has made a net profit of Rs 39,619 crore in FY 2023-24 as compared to Rs 8,242 crore in the FY 2022-23.
IOC says the higher net profit is because of the higher marketing margins as compared to the last year.
However, the company made a loss in the fourth quarter of FY24 because of higher crude prices and low refining margins. Net Profit in Q4 plunges 52 per cent to Rs 4,838 crore from Rs 10,059 cr in Q4 of FY23.
Although results of HPCL and BPCL are yet to come, sources said, “Three oil companies IOC, BPCL and HPCL will make a combined net profit of nearly Rs 1 lac crore in FY 2023-24.” The company witnessed nearly fourfold hikes in net profit compared to the previous year, marking a notable achievement amidst changing market dynamics.
For the fiscal year 2023-24, IndianOil reported Revenue from Operations of Rs 8,66,345 crores, compared to Rs 9,34,953 crores in the previous year.
This growth was primarily attributed to higher marketing margins compared to the previous year.
In the Q4 of 2023-24, IndianOil’s revenue from operations stood at Rs 2,19,876 cr, against Rs 2,26,492 crores in the corresponding quarter of the previous year. The net profit for the Q4 was Rs 4,838 crores, a decrease from Rs 10,059 crores in the same quarter of the previous year.