Indian Oil Corporation Q2 Results: Net profit plummets 99% YoY to ₹180 crore | Stock Market News

Indian Oil Corporation Q2 Results: Indian Oil Corporation (IOC) on Monday, October 28 reported a staggering 98.6 per cent year-on-year (YoY) decline in its standalone net profit to ₹180.01 crore for the quarter ended September 2024. The figure stood at ₹12,967.32 crore in the same period last year.

Meanwhile, revenue from operations dipped 3.5 per cent YoY to ₹1,95,148.94 crore from ₹2,02,312.04 crore reported in the corresponding quarter last fiscal.

On a sequential basis, the profit tumbled by 93.18 per cent from ₹2,643.18 crore reported in the June 2024 quarter. The revenue on a quarter-on-quarter (QoQ) basis declined 9.64 per cent from ₹2,15,988.76 crore in the preceding quarter. 

The company witnessed an exceptional gain of ₹1,157.3 crore during the quarter thanks to a favourable order from the Supreme Court in August 2024 on the subject of the VAT Input Tax Credit under the Gujarat VAT Act 2005. This aided the company’s overall profits.

Total expenses during the quarter increased by 6.11 per cent YoY to ₹1,97,508.20 crore from ₹1,86,124.63. On a QoQ basis, the expenses dipped from ₹2,13,065.95 crore.

The average Gross Refining Margin (GRM) for the period April – September 2024 stood at $4.08 per bbl as against $13.12 per bbl reported in April – September 2023.

The core GRM or the current price GRM for the period April – September 2024 after offsetting inventory loss/gain stood at $2.97 per bbl.

Consolidated Earnings

On a consolidated basis, the public sector company reported a net loss of ₹448.78 crore as against a profit of ₹13,713.08 crore YoY. Meanwhile, the revenue dropped to ₹1,98,615.80 crore from ₹2,05,283.03 crore, down 3 per cent YoY.

Following the earnings announcement, the stock plunged sharply and ended flat at ₹147.10, up 0.51 per cent.