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State-run Indian Oil Corporation (IoCL) on Tuesday reported a substantial 75 per cent Y-o-Y fall in its consolidated net profit at around ₹3,723 crore in Q1 FY25 largely due to decline in refining margins.
On a sequential basis, the net profit of India’s largest oil marketing company (OMC) fell by 32 per cent.
The company’s consolidated total income in the April-June quarter this financial year stood at around ₹2.20 lakh crore compared to ₹2.25 lakh crore in Q4 FY24 and ₹2.26 lakh crore in Q1 FY24.
Average Gross Refining Margin (GRM) for Q1 FY25 stood at $6.39 per barrel compared to $8.34 in Q1 FY24. The core GRM or the current price GRM for April-June 2024 after offsetting inventory loss/ gain comes to $2.84 per barrel against $9.05 per barrel in the year-ago period.
IoCL’s consolidated total expenses stood at about ₹2.16 lakh crore in Q1 FY25 against ₹2.18 lakh crore in Q4 FY24 and ₹2.07 lakh crore in Q1 FY24.
The company sold 25.252 million tonnes (MT) of products, including exports, during the first quarter of financial year 2024-25.
The refining throughput is 18.168 MT, a decline of 1 per cent Q-o-Q, and the throughput of the Corporation’s countrywide pipelines network including gas pipelines is 25.811 MT.
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