Indian Oil Corporation (IOC) has reported a significant surge in net profit for the third quarter of FY 2023-24, reaching Rs 8,063 crore. This marks a substantial increase from the corresponding figure of Rs 448 crore in the same quarter of the previous fiscal year, primarily attributed to higher refining margins.
The oil marketing giant's revenue from operations for Q3 2023-24 amounted to Rs 2,23,012 crore, slightly lower than the Rs 2,28,168 crore recorded in the same quarter of the previous financial year.
In terms of operational metrics for the third quarter of FY 2023-24, Indian Oil achieved product sales volumes, including exports, totaling 24.621 million tonnes. The refining throughput reached 18.502 million tonnes, and the throughput of the corporation's nationwide pipelines network stood at 25.212 million tonnes.
For the nine months ending December 31, 2023, the net profit for the current financial year amounted to Rs 34,781 crore. This is a significant turnaround from the net loss of Rs 1,817 crore reported during the corresponding period in the previous fiscal year. The positive shift is attributed to higher marketing margins and lower exchange losses in the current period.
S.M. Vaidya, Chairman of Indian Oil, highlighted that the company sold 72.272 million tonnes of products, including exports, during the period from April to December 2023. The refining throughput for the first nine months of FY 2023-24 reached 55.026 million tonnes, and the throughput of the corporation's nationwide pipelines network was 74.033 million tonnes during the same period. The gross refining margin (GRM) for April to December 2023 was reported at $13.26 per barrel, showcasing the company's robust operational performance.
(With Agency Inputs)