IOC Q2FY24 earnings: Net profit jumps to ₹12,967 crore
Indian Oil Corporation (IOC) released its Q2FY24 numbers on Tuesday, reporting a standalone net profit at ₹12,967 crore. This marks a significant turnaround from the same period last year, when the state-owned company reported a net loss of ₹272 crore due to holding fuel prices despite the strong spike in crude oil prices.
The revenue from operations in the September quarter declined to ₹2.2 lakh crore compared to the ₹2.28 lakh crore reported in the same period the previous year. In the preceding June quarter, the company recorded revenue of ₹2.21 lakh crore.
Within the company’s segments, the Petroleum Products segment experienced a 12.27% YoY decline in revenue to reach ₹1.90 lakh crore in Q2 FY24. Conversely, the Petrochemicals segment reported a revenue increase of 19% YoY, reaching ₹6,613.35 crore, as per the company’s exchange filing.
Indian Oil Corporation reported a gross refining margin of $13.12 per barrel in converting crude oil into fuel during the September quarter (Q2FY24), compared to $25.49 per barrel in the same period the previous year.
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Updated: 31 Oct 2023, 03:15 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.