IOCL reports dismal Q2 numbers

On a standalone basis, Indian Oil Corporation (IOCL) reported a net loss of Rs 272.35 crore in Q2 FY23 as against a net profit of Rs 6,360.05 crore recorded in Q2 FY22.

Revenue from operations (excluding excise duty) climbed 53.2% to Rs 207,485.30 crore in Q2 FY23 from Rs 135,410.48 crore recorded in the same period a year ago.

The company reported a pre tax loss of Rs 244.23 crore in Q2 FY23 as against a pre tax profit of Rs 8,370.35 crore registered in Q2 FY22.

Total expenses surged 41.74% year on year to Rs 2,30,802.01 crore in Q2 FY23. Cost of materials consumed soared 67.33% to Rs 1,07,277.71 crore in Q2 FY23 as compared to Rs 64,109.92 crore in reported in Q2 FY22.

Domestic sales jumped by 13.86% to 21.562 million metric tons (MMT) while export sales tumbled 30.25% to 0.867 MMT in Q2 FY23 as against Q2 FY22.

The refineries throughput was 16.093 MMT (up 5.34% YoY) and the Pipelines Throughput (incl. Gas Pipelines) was 23.635 MMT (up 17.53% YoY) for the quarter ended on 30 September 2022.

On half yearly basis, the company reported a net loss of Rs 2,264.88 crore in H1 FY22 from net profit of Rs 12,301.42 crore posted in the same period last year. Revenue from operations (excluding excise duty) jumped 69.9% to Rs 431,737.94 crore in H1 FY22 over H1 FY21.

The average gross refining margin (GRM) for the period April- September 2022 stood at $25.49 per bbl as compared to $6.57 per bbl registered in April -September 2021. The core GRM or the current price GRM for the period April- September 2022 after offsetting inventory loss/ gain was at $22.19 per bbl. However, the suppressed marketing margins of certain petroleum products have offset the benefit of increase in GRM, the company said.

Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 30 September 2022, the Government of India held 51.50% stake in the company.

Shares of Indian Oil Corporation declined 0.15% to Rs 68.35 on the BSE.

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