NEW DELHI: Indian Oil Corporation reported a standalone net profit of Rs 8,063.39 crore in October-December 2023-24, up more than Rs 448.01 crore from the same period a year ago.
However, the profit is lower than Rs 12,967.32 crore earnings in the September quarter. The profit was aided by a boost in marketing margins as a freeze on petrol and diesel price revision despite a fall in input crude oil prices helped recover losses incurred when rates were high in 2022-23.
Pre-tax earnings from sale of petroleum products soared to Rs 11,428.88 crore in Q3FY24 compared to Rs 1,541.95 crore in the same period last year. Revenue from operations was marginally lower at Rs 2.23 lakh crore in Q3FY24 from Rs 2.28 lakh crore a year back on lower oil prices. Later in a statement, IOC said the profit in the nine months was higher “mainly on account of higher marketing margin and lower exchange losses.
IOC said it earned $13.26 on turning every barrel of crude oil into fuel in April-December 2023 against a gross refining margin of $21.08 in the corresponding period last year.