Indian Oil's Q4 profits falls 49% to ₹5,488 crore
Indian Oil Corporation Limited (IOCL) has reported a significant 49% drop in its consolidated net profit for the fourth quarter of the fiscal year 2023-24. The net profit stands at ₹5,487.92 crore, compared to ₹10,841.23 crore during the same period in the previous year. This sharp decline is attributed to a surge in crude oil prices by 16% in the first quarter of 2024.
Sequential decrease and slight revenue dip for IOCL
In addition to the annual decline, IOCL's net profit also experienced a sequential decrease of 40%, falling from ₹9,224.85 crore in the December quarter. Despite these setbacks, the company's revenue only saw a minor reduction, moving from ₹2.30 lakh crore last year to ₹2.23 lakh crore in Q4 of FY24. Amid these financial results, Indian Oil announced a dividend of ₹7 per equity share.
IOCL reports decrease in EBITDA and refining margin
IOCL's earnings before interest, tax, depreciation and amortization (EBITDA) reported a decrease of 26% from the last quarter, standing at ₹13,660.5 crore compared to ₹18,491.55 crore in Q3FY24. The company's average gross refining margin (GRM) for FY24 was $12.05 per barrel, marking a drop from $19.52 during the same period last year. IOCL's refinery throughput was slightly lower than last year at 18.282 million metric tons (MMT) during the quarter compared to 19.177 MMT previously.
IOCL records impressive pipeline throughput and sales figures
Despite the financial downturn, IOCL's pipeline throughput showed an impressive figure of 24.593 MMT in Q4. On the sales front, the company recorded domestic product sales of 23.737 MMT and export sales of 1.542 MMT during January-March 2024. The petroleum products segment reported an EBIT of ₹8,110.86 crore in Q4 which is lower than ₹12,100.78 crore in the previous quarter while the petrochemical segment reported an EBIT loss of ₹399.75 crore.
