NEW DELHI: State-owned Indian Oil Company(IOC) on Tuesday reported a return to profitability with a web revenue of Rs 12,967.32 crore within the three months to September 30 – greater than half of its best-ever annual revenue in only one quarter. The web revenue got here on the again of a lift in refining and advertising and marketing margin. In July-September 2022, it incurred a lack of Rs 272.35 crore, in keeping with a inventory change submitting by the corporate.
Apart from strong refining margins, the revenue was aided by a lift in advertising and marketing margins as a freeze on petrol and diesel value revision regardless of a fall in enter crude oil costs helped get better losses incurred when charges had been excessive final 12 months.
Pre-tax earnings from sale of petroleum merchandise soared to Rs 17,755.95 crore within the second quarter of the present fiscal in comparison with Rs 104.04 crore in the identical interval final 12 months.
IOC makes use of largely imported crude oil to make fuels comparable to petrol, diesel and LPG at its refineries. These are then offered via its huge community of petrol pumps and LPG distributor businesses.
Final 12 months, state-owned gas retailers IOC, Bharat Petroleum Company Ltd (BPCL) and Hindustan Petroleum Company Ltd (HPCL) froze costs regardless of a spike in international oil costs following Russia’s invasion of Ukraine. This was with a view to insulating shoppers from value volatility.
The value freeze led to the three companies incurring losses within the first half of 2022-23 fiscal (April 2022 to March 2023). IOC incurred a lack of Rs 2,264.88 crore in April-September 2022. This 12 months, it, nevertheless, posted document earnings of Rs 26,717.76 crore in April-September , greater than the Rs 24,184 crore document web revenue the corporate posted in 2021-22.
Its revenues fell to Rs 2.02 lakh crore in July-September from Rs 2.28 lakh crore final 12 months on decrease oil costs.
Later in a press release, IOC mentioned the revenue was a results of “larger advertising and marketing margin and decrease change losses.”
IOC mentioned it earned USD 13.12 on turning each barrel of crude oil into gas in April-September 2023 towards a gross refining margin of USD 25.49 within the corresponding interval final 12 months. It didn’t give quarterly refining margins.
The corporate offered 21.941 million tonne of petroleum merchandise within the September quarter, up from 21.562 million tonne final 12 months however decrease than 23.305 million tonne gross sales within the previous quarter.
Its refineries processed 17.772 million tonne of crude oil into gas throughout July-September, up from 16.1 million tonne final 12 months.
IOC mentioned its board of administrators declared an interim dividend of Rs 5 per share for the present fiscal.
Firm chairman S M Vaidya mentioned IOC offered 47.651 million tonne of petroleum merchandise, together with exports, through the interval April-September.
“Our refining throughput for first six months of FY 2023-24 was 36.524 million tonne and the throughput of the company’s countrywide pipelines community was 48.821 million tonne through the interval.”
Apart from strong refining margins, the revenue was aided by a lift in advertising and marketing margins as a freeze on petrol and diesel value revision regardless of a fall in enter crude oil costs helped get better losses incurred when charges had been excessive final 12 months.
Pre-tax earnings from sale of petroleum merchandise soared to Rs 17,755.95 crore within the second quarter of the present fiscal in comparison with Rs 104.04 crore in the identical interval final 12 months.
IOC makes use of largely imported crude oil to make fuels comparable to petrol, diesel and LPG at its refineries. These are then offered via its huge community of petrol pumps and LPG distributor businesses.
Final 12 months, state-owned gas retailers IOC, Bharat Petroleum Company Ltd (BPCL) and Hindustan Petroleum Company Ltd (HPCL) froze costs regardless of a spike in international oil costs following Russia’s invasion of Ukraine. This was with a view to insulating shoppers from value volatility.
The value freeze led to the three companies incurring losses within the first half of 2022-23 fiscal (April 2022 to March 2023). IOC incurred a lack of Rs 2,264.88 crore in April-September 2022. This 12 months, it, nevertheless, posted document earnings of Rs 26,717.76 crore in April-September , greater than the Rs 24,184 crore document web revenue the corporate posted in 2021-22.
Its revenues fell to Rs 2.02 lakh crore in July-September from Rs 2.28 lakh crore final 12 months on decrease oil costs.
Later in a press release, IOC mentioned the revenue was a results of “larger advertising and marketing margin and decrease change losses.”
IOC mentioned it earned USD 13.12 on turning each barrel of crude oil into gas in April-September 2023 towards a gross refining margin of USD 25.49 within the corresponding interval final 12 months. It didn’t give quarterly refining margins.
The corporate offered 21.941 million tonne of petroleum merchandise within the September quarter, up from 21.562 million tonne final 12 months however decrease than 23.305 million tonne gross sales within the previous quarter.
Its refineries processed 17.772 million tonne of crude oil into gas throughout July-September, up from 16.1 million tonne final 12 months.
IOC mentioned its board of administrators declared an interim dividend of Rs 5 per share for the present fiscal.
Firm chairman S M Vaidya mentioned IOC offered 47.651 million tonne of petroleum merchandise, together with exports, through the interval April-September.
“Our refining throughput for first six months of FY 2023-24 was 36.524 million tonne and the throughput of the company’s countrywide pipelines community was 48.821 million tonne through the interval.”
