Indian Oil Corporation Limited (IOCL) reported a substantial surge in its consolidated net profit on a yearly basis, reaching ₹9,030 crore during the October-December quarter. The notable increase was attributed to elevated sales volume and improved marketing margins.
In Q3 FY23, the net profit was comparatively lower, primarily due to the company importing crude oil at higher prices amid the Russia-Ukraine war, while retail prices for petrol and diesel remained stagnant since May 2022.
As reported by businessline, the auto fuel retailer reported a consolidated total income of ₹2.28 lakh crore in Q3 FY24, as opposed to ₹2.34 lakh crore in Q3 FY23 and ₹2.06-lakh crore in Q2 FY24. In the same period, IOCL’s consolidated total expenses amounted to ₹2.17 lakh crore in Q3 FY24 (compared to ₹2.34 lakh crore), while it was ₹1.88 lakh crore in Q2 FY24.
IndianOil Chairman, S M Vaidya commented, “We sold 72.272 million tons (MT) of products, including exports during April–December 2023. Our refining throughput for the first nine months of FY24 was 55.026 MT and the throughput of the corporation’s countrywide pipelines network was 74.033 MT during the period. The gross refining margin (GRM) during the period April–December 2023 was $13.26 per barrel compared with $21.08 a barrel in the corresponding period of the previous financial year.”
