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Fuel consumption remained strong in the quarter as robust industrial activity and general elections-related activity boosted demand in India | Photo: Shutterstock
Indian Oil Corp (IOC) reported a nearly 81 per cent plunge in first-quarter profit on Tuesday, weighed by lower marketing margins.
The state-owned firm’s standalone net profit declined to Rs 2,643 cr (around $316 million) for the three months ended June 30.
IOC’s average gross refining margin – the profit from making refined products from one barrel of oil – fell to $6.39 per barrel from $8.34 per barrel a year ago.
Fuel consumption remained strong in the quarter as robust industrial activity and general elections-related activity boosted demand in Asia’s third-largest economy.
However, higher prices of crude oil – a key raw material for refiners – remained a cause for concern, with rival state-owned refiners such as Hindustan Petroleum and Bharat Petroleum reporting a hit in their bottomlines in the quarter due to lower refining margins.
India is the world’s third-biggest oil importer and consumer. Indian Oil, along with its unit Chennai Petroleum, controls about a third of India’s five million-barrels-per-day refining capacity.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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“IOC’s average gross refining margin – the profit from making refined products from one barrel of oil – fell to $6.39 per barrel from $8.34 per barrel a year ago…”
Source Link: https://www.business-standard.com/companies/results/indian-oil-q1fy25-results-pat-plunges-81-to-rs-2-643-cr-on-low-margins-124073000797_1.html
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