Indian Oil posts big jump in net profit at Rs 8,063 cr for Q3

NEW DELHI: Indian Oil Corporation (IOC) on Wednesday announced a massive jump in net profit for the third quarter of FY 2023-24 to Rs 8,063 crore from the corresponding figures of Rs 448 crore in the same quarter of FY 2022-23 on higher refining margins.

The leading oil marketing company’s revenue from operations worked out to Rs 2,23,012 crore in Q3 2023-24 as compared to Rs 2,28,168 crore in the same quarter of the previous financial year.

For the third quarter of FY 2023-24, Indian Oil's product sales volumes, including exports, was 24.621 million tonnes. The refining throughput was 18.502 million tonnes and the throughput of the Corporation's countrywide pipelines network was 25.212 million tonnes during the quarter, according to a company statement.

The net profit for the nine months ended December 31, 2023 of the current financial year is 34,781 crore as compared to a net loss of Rs 1,817 crore during the corresponding period last fiscal mainly on account of higher marketing margin and lower exchange losses during current period, the company said.

Indian Oil Chairman S.M. Vaidya said, “The company sold 72.272 million tonnes of products, including exports, during the period April-December 2023. Our refining throughput for first nine months of FY 2023-24 was 55.026 million tonnes and the throughput of the Corporation's countrywide pipelines network was 74.033 million tonnes during the period. The gross refining margin (GRM) during the period April - December 2023 was $13.26 per bbl as compared.”