India Oil Corp posts net profit of Rs 12,967 cr for FY24 Sept quarter

New Delhi: IndianOil reported Revenue from Operations of Rs 4,23,457 crore for the period April — September 2023 as compared to Rs 4,80,292 crore in corresponding period of previous financial year. The Net Profit for H1 FY24 is Rs 26,718 crore as compared to Net Loss of Rs 2,265 crore during the corresponding period mainly on account of higher marketing margin and lower exchange losses during current period.

The Revenue from Operations of IndianOil is Rs 2,02,312 crore in Q2 2023-24 as compared to Rs 2,28,363 crore in the corresponding quarter of previous financial year. The Net Profit for the second quarter of FY 2023-24 is Rs 12,967 crore as compared to Net Loss of Rs 272 crore in the corresponding quarter of FY 2022-23.

The Board of Directors of the Corporation in its meeting held on October 31, 2023 has declared an interim dividend of Rs 5 per equity share. (face value: Rs 10/- per equity share).

IndianOil Chairman, S M Vaidya, said, “IndianOil sold 47.651million tonnes of products, including exports, during the period April — September 2023. Our refining throughput for first six months of FY 2023-24 was 36.524 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 48.821 million tonnes during the period. The gross refining margin (GRM) during the period April — September 2023 was $ 13.12 per bbl as compared to $ 25.49 per bbl in corresponding period of previous financial year.

For Q2 FY24, IndianOil’s product sales volumes, including exports, was 23.244 million tonnes. The refining throughput was 17.772 million tonnes, and the throughput of the Corporation’s countrywide pipelines network was 23.870 million tonnes during the quarter”.