IOC Q2 net profit slumps 98% on fall in refining, fuel margin
The Hindu
IOC Q2 Results: Indian Oil Corporation’s second quarter results reported a 98.6% drop in net profit due to falling refinery and marketing margins.
State-owned Indian Oil Corporation Ltd (IOC) on Monday (October 28, 2024) reported a massive 98.6% drop in net profit in the September quarter, as refinery margins fell and marketing margins shrunk.
The company posted a standalone net profit of ₹180.01 crore in the July-September period — the second quarter of the current 2024-25 fiscal year — compared with a profit of ₹12,967.32 crore a year back, according to a stock exchange filing by the company.
The profit also declined sequentially, when compared to an earning of ₹2,643.18 crore in the April-June period.
While refinery margins fell, the company also booked under-recoveries on selling domestic cooking gas LPG at government-controlled cost, which was lower than the cost.
For the six months ended September 30, IOC had an under-recovery on LPG of ₹8,870.11 crore, the filing showed.
It earned $4.08 on turning crude oil into fuels like petrol and diesel as compared to gross refining margin of $13.12 per barrel last year.
Pre-tax earnings from downstream fuel retailing businesses slumped to just ₹10.03 crore from ₹17,7555.95 crore in July-September 2023.
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