IOC Q2 Results: Company declares a Rs 5 dividend and claims a profit of Rs 12,967 crore

31 Oct 2023 , 02:59 PM

In contrast to a loss of Rs 272 crore a year earlier, Indian Oil Corp (IOC) announced a standalone net profit of Rs 12,967 crore for the quarter that ended in September 2023 on Tuesday.

Compared to the same quarter last year, when revenue from operations was Rs 2.28 lakh crore, it decreased 11% to Rs 2.02 lakh crore in the reporting period.

Additionally, for the years 2023–2024, the Board has declared an interim dividend of Rs 5 per share. November 10 is the set record date for the same.

Eligible stockholders would receive the interim dividend by November 30 at the latest.

In the reporting quarter, there was a profit before tax (PBT) of Rs 17,170 crore, as opposed to a loss of Rs 244 crore in the same period last year.

During the April-September period, the average gross refining margin (GRM) was $13.12 per barrel, which was lower than the $25.49 per barrel during the same period last year.

After deducting inventory loss or gain, the core GRM, or current price GRM, for the reporting period is $12.60 per barrel.

In terms of segments, petroleum product revenue fell by 12% to Rs 1.90 lakh crore in the second quarter from Rs 2.17 crore in the same period last year.

Revenue from the petrochemicals category increased 19% on an annual basis to Rs 6,613 crore in the September-ended quarter. In the same fiscal year’s equivalent quarter, that amount was Rs 5,559 crore.

In the aforementioned quarter, revenue from other business activities totaled Rs 9,138 crore, a slight increase from Rs 9,104 crore the previous year.

Indian Oil had a profit of Rs 26,718 crore for the half year that ended in September 2023, as opposed to a loss of Rs 2,265 crore for the same period the previous year.

Revenue decreased from Rs 4.80 lakh crore in the same period previous year to Rs 4.23 lakh crore in the first half of the current fiscal year.

The company’s shares were up 1.47% on Tuesday at Rs 89.55 on the NSE.

For feedback and suggestions, write to us at [e-mail]