Indian Oil Q1FY24 results: Net profit at Rs 13,750 cr YoY; revenue down 12%

The standalone net profit of Indian Oil Corporation Ltd for the first quarter of the current financial year (Q1YFY24) came in at Rs 13,750.44 crore, compared to loss of Rs 1,992.53 crore for the corresponding quarter of the previous year, the company said in a BSE filing.

Sequentially, the net profit was up 36.7 per cent. In Q4FY23, that ended on March 31, the net profit of the company was Rs 10,058.69 crore.

The revenue from operations for Q1FY24 came in at Rs 2.2 trillion, compared to Rs 2.5 trillion last year. This is a fall of 12.21 per cent year-on-year (YoY).

On a quarter-on-quarter (QoQ) basis, the revenue for operations was down 2.36 per cent. It was Rs 2.26 trillion in Q4FY23.

The total income for Q1FY24 came in at Rs 2.21 trillion, compared to Rs 2.52 trillion last year. This is a fall of 12.1 per cent YoY.

On a QoQ basis, the total income was down 2.75 per cent. It was Rs 2.28 trilliom in Q4FY23.

Earlier this month, the oil major signed long-term liquefied natural gas (LNG) import deals with UAE's Abu Dhabi Gas Liquefaction Co Ltd (ADNOC LNG) and France's TotalEnergies.

The deals were signed during Prime Minister Narendra Modi's visit to France and the UAE this month.

Supplies under these two deals would commence from 2026, the company said.