Blitz Bureau
NEW DELHI: State-run Indian Oil Corporation on April 30 reported a net profit of Rs 7,264.85 crore for the January-March quarter of 2024-25, which represents a 50 per cent year-on-year increase over the corresponding figure of Rs 4,837.69 crore in the same period of the previous year.
The oil giant’s net profit more than doubled on quarter-on-quarter basis to Rs 7,265 crore, compared to Rs 2,874 crore in Q3FY25. The strong rebound was supported by improved refining margins, inventory gains, and better operational efficiencies.
Indian Oil’s Board has recommended a final dividend of Rs 3 per equity share of face value Rs 10 each for the financial year 2024-25.
The oil giant’s Gross Refining Margins (GRMs) or the difference between the total value of petroleum products coming out of a refinery and the price of raw materials, stood at $8 per barrel. Indian Oil had reported GRMs of $2.9 per barrel in the previous quarter.
EBITDA (earnings before interest, tax, depreciation and amortisation) margin for the quarter stood at 7 per cent, higher than the 3.7 per cent registered in the third quarter, reflecting the oil major’s better control over costs and better product mix. EBITDA nearly doubled on a sequential basis, rising 90 per cent QoQ to Rs 13,572 crore from Rs 7,117 crore in the previous quarter. This translated into a robust improvement in operating profitability.
On the top line, revenue from operations remained steady at Rs 1.95 lakh crore, marginally higher than Rs 1.94 lakh crore in the preceding quarter. The quarterly performance comes on the heels of IOCL’s continued push in both refining and clean energy.
Earlier in the day, the company announced an additional equity investment of Rs 1,086 crore in its wholly owned subsidiary Terra Clean Ltd., to set up 4.3 GW of new renewable energy capacity.
Shares of Indian Oil Corporation had surged after the results were announced, but lost their early gains to trade 1.1 per cent higher at Rs 137.31. The stock has gained around 5.5 per cent over the last month.