Indian Oil net surged 50% in Q4 to ₹7,265 crore on lower revenue
The Hindu
Indian Oil Corporation's Q4 net profit rises 50% to ₹7,265 crore, driven by inventory gains and higher sales volumes.
State-owned Indian Oil Corporation reported standalone net profit for March quarter rose 50% to ₹7,265 crore from ₹4,838 crore a year earlier, as revenue from operations declined to ₹2,17,725 crore (₹2,19,876 crore).
The higher net profit came on the back of inventory gains and even as under-recoveries on domestic liquefied petroleum gas (LPG) rose. On a sequential basis, the net profit surged. The company had clocked ₹2,873.53 crore in the December quarter.
The earnings soared as the company processed crude oil bought at lower prices and sold products made from it when prices had risen, resulting in inventory gains. These inventory gains undid ₹5,601 crore of losses on LPG sales and lower refining margins.
The company earned $7.85 on turning every barrel of crude oil into fuel in the quarter as compared with $8.39 gross refining margin (GRM) a year ago, IOC chairman A.S. Sahney said in a post-earnings media briefing.
IOC had an inventory gains in Q4 as compared with losses in the previous year, he said without disclosing exact numbers.
For the fiscal ended March, net profit slid to ₹12,962 crore (₹39,619 crore) on lower refining and marketing margins. Revenue from operations for FY25 was lower at ₹8,45,513 crore (₹8,66,345 crore). For FY25, the GRM was $4.80 ($12.05).
The company has declared a dividend of ₹3 per equity share (face value of ₹.10 each). Indian Oil shares ended 1.58% higher on Wednesday at ₹137.90 each on the BSE.
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