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The company reported loss before exceptional item and tax of Rs 984.47 crore in Q2 FY25 as compared with profit before exceptional item and tax of Rs 17,169.87 crore reported in Q2 FY24.
Exceptional item stood at Rs 1,157.30 crore, due to favourable order from Hon’ble Supreme Court dated 02.08.2024, on the subject of VAT Input Tax Credit under Gujarat VAT Act 2005, a provision created earlier in the books has been written back and disclosed as exceptional item during the current quarter.
Domestic sales fell marginally 0.03% to 21.931 million metric tons (MMT) and the export sales dropped 20.95% to 1.030 MMT in Q2 FY25 over Q2 FY24.
During the quarter, the refineries throughput was 16.738 MMT (down 5.82% YoY) while the pipelines throughput was 23.985 MMT (up 0.48% YoY).
The company's revenue from petroleum products stood at Rs 1,83,247.52 crore (down 3.93% YoY) while the income from the petrochemicals revenue was at Rs 6,813.36 crore (up 3.02% YoY) during the period under review.
Average gross refining margin (GRM) for the period April-September 2024 is $4.08 per bbl as compared to $13.12 per bbl reported in April- September 2023. The core GRM or the current price GRM for the period April- September 2024 after offsetting inventory loss/ gain comes to $2.97 per bbl.
On the margins front, the company's operating margin reduced to 0.03% in Q2 FY25 from 8.91% posted in Q2 FY24. Net profit margin declined to 1.22% in Q1 FY25 as against 6.22% recorded in the corresponding quarter previous year.
Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 30 June 2024, the Government of India held 51.50% stake in the company.
The scrip rose 0.51% to end at Rs 147.10 on the BSE.
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