IOC Q1 PAT slumps 81% YoY to Rs 2,643 cr

On a standalone basis, Indian Oil Corporation (IOC) reported 80.78% drop in net profit to Rs 2,643.18 in Q1 FY25 as against Rs 13,750.44 crore posted in Q1 FY24.

Revenue from operations (excluding excise duty) declined 2.17% to Rs 1,93,235.52 ‬crore in Q1 FY25 from Rs 1,97,526.57 crore recorded in the corresponding quarter previous year.

Profit before tax (PBT) tumbled 80.9% to Rs 3,452.71 crore in Q1 FY25 as compared with Rs 18,073.84 crore reported in Q1 FY24.

Domestic sales rose 3.25% to 24.063 million metric tons (MMT) and the export sales jumped 7.89% to 1.189 MMT in Q1 FY25 over Q1 FY24.

During the quarter, the refineries throughput was 18.168 MMT (down 3.11% YoY) while the pipelines throughput was 25.811 MMT (up 3.45% YoY).

The company's revenue from Petroleum Products stood at Rs 2,03,339.01 crore (down 3.65% YoY) while the income from the Petrochemicals revenue was at Rs 6,789.42 crore (up 0.91% YoY) during the period under review.

Average gross refining margin (GRM) for the period April-June 2024 is $6.39 per bbl as compared to $8.34 per bbl reported in April- June 2023. The core GRM or the current price GRM for the period April- June 2024 after offsetting inventory loss/ gain comes to $2.84 per bbl.

On the margins front, the company's operating margin reduced to 2.26% in Q1 FY25 from 8.60% posted in Q1 FY24. Net profit margin declined to 1.22% in Q1 FY25 as against 6.22% recorded in the corresponding quarter previous year.

Meanwhile, the company informed that its board has accorded stage -1 approval for construction of Greenfield Terminal at Bihta, Patna, Bihar on Barauni Kanpur product pipeline (BKPL) and Patna-Motihari-Baitalpur Pipeline (PMBPL) at an estimated cost of Rs 1,698.67 crore as combined re-sitement of existing marketing terminal and pipeline pump station in Patna.

Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 30 June 2024, the Government of India held 51.50% stake in the company.

The scrip gained 1.55% to Rs 183 on the BSE.

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