Indian Oil Corporation Q3 Results: Key Highlights
- IndianOil reported a Revenue from Operations of ₹6,46,470 crores for the period spanning April to December 2023, reflecting a decline from ₹7,08,461 crores in the corresponding period of the previous financial year.
- The notable turnaround was seen in the Net Profit, which amounted to ₹34,781 crores for the nine months ending on December 31, 2023, in contrast to a Net Loss of ₹1,817 crores during the same period in the previous fiscal year.
- This positive shift was primarily attributed to higher marketing margins and reduced exchange losses in the current period.
Additional Read: Q3 Results Dashboard
- Specifically for the third quarter of the fiscal year 2023-24, IndianOil’s Revenue from Operations stood at ₹2,23,012 crores, compared to ₹2,28,168 crores in the corresponding quarter of the previous financial year.The Net Profit for this quarter reached ₹8,063 crores, a significant improvement from the ₹448 crores Net Profit recorded in the third quarter of FY 2022-23.
- In the specific context of the third quarter of FY 2023-24, IndianOil achieved product sales volumes, including exports, of 24.621 million tonnes.
- The refining throughput for this quarter amounted to 18.502 million tonnes, and the throughput of the Corporation’s countrywide pipelines network reached 25.212 million tonnes during this quarter.
- The refining throughput for the first nine months of FY 2023-24 totaled 55.026 million tonnes, while the Corporation’s countrywide pipelines network processed 74.033 million tonnes during this period.
- The gross refining margin (GRM) for the April to December 2023 duration was reported as US$ 13.26 per barrel, a decrease from US$ 21.08 per barrel in the corresponding period of the previous financial year.
Mr. S. M. Vaidya, Chairman of IndianOil, conveyed that the company achieved noteworthy product sales, including exports, amounting to 72.272 million tonnes during the April to December 2023 period.
About Indian Oil Corporation Ltd
IndianOil, is a Fortune-500 integrated energy major operating in oil, gas, petrochemicals, and alternative energy. With a robust marketing network, it delivers fuels nationwide through 60,000+ touch-points, supported by 70.05 MMTPA refining capacity and 17,000+ KM cross-country pipelines. In FY 2022-23, it achieved ₹9,34,953 Crores in Revenue and ₹8,242 Crores in net profit, ranking 94 in Fortune-500.
Additional Check: IndianOil‘s Share Price
IndianOil is a socially responsible brand, engaging in CSR initiatives related to health, education, environment, and more. It operates 34,000+ fuel stations, serves over 140 million customers through Indane LPG, and plays a significant role in petrochemicals. It pioneers hydrogen research, embraces green initiatives, and has a substantial renewable energy capacity of 240 MW.
Collaborations, such as with Phinergy Limited, showcase IndianOil’s commitment to innovative technologies like Aluminium-Air Batteries. It has set up over 7,000 EV charging stations and actively participates in the sustainable transportation scheme. With a CSR spend of nearly ₹1,800 Crore in the last four years, IndianOil continues to contribute to India’s progress.
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Sources: https://iocl.com/NewsDetails/59376
