Earnings Review
IOC Oct-Dec net profit plummets; misses Street view by wide margin
This story was originally published at 17:29 IST on 27 January 2025
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--IOC Oct-Dec net profit INR 28.74 bln
--Analysts saw IOC Oct-Dec net profit INR 55.63 bln
--IOC Oct-Dec net profit INR 28.74 bln vs INR 80.63 bln year ago
--IOC Oct-Dec revenue INR 2.166 tln vs INR 2.230 tln year ago
--IOC Oct-Dec one-time income INR 6.80 bln
--IOC Apr-Dec net profit INR 56.97 bln vs INR 347.81 bln year ago
--IOC Apr-Dec revenue INR 6.278 tln vs INR 6.465 tln year ago
--IOC Oct-Dec total expenses INR 2.157 tln vs INR 2.137 tln year ago
--IOC Oct-Dec refineries throughput 18.11 mln tn vs 18.50 mln tn year ago
--IOC Oct-Dec pipelines throughput 24.90 mln tn vs 25.21 mln tn year ago
--IOC Oct-Dec domestic sales 24.78 mln tn vs 23.33 mln tn year ago
--IOC Oct-Dec petroleum pdts revenue INR 2.031 tln vs INR 2.116 tln year ago
--IOC Oct-Dec petrochemicals revenue INR 72.02 bln vs INR 59.84 bln year ago
--IOC Apr-Dec average GRM $3.69 per bbl vs $13.26 per bbl year ago
--IOC Oct-Dec operating margin 1.49% vs 5.00% year ago
By Akshita Kumar
MUMBAI – Indian Oil Corp. Ltd.'s bottom line fell sharply on year due to a high base a year ago. However, the fall was sharply higher than what the analysts had expected, sending the company's shares on a downward spiral. Shares of Indian Oil Corp. ended the session 3.2% lower at INR 124.17 on the National Stock Exchange.
The company reported a net profit of INR 28.74 billion for the December quarter, down 64% on year. Analysts had pencilled in a fall of 31% on year to INR 55.63 billion. The company's bottom line benefited from a one-time income of INR 6.80 billion.
The company's revenue from operations, excluding the excise duty, fell 2.6% on year to INR 1.94 trillion during the quarter. On a sequential basis, the top line grew 11.5%. The company's revenue from operations, including the excise duty, was INR 2.17 trillion, down nearly 3% from INR 2.23 trillion reported a year ago.
The oil marketing company's net profit fell almost 84% on year to INR 56.97 billion in Apr-Dec. The company's revenue, including excise duty, was INR 6.28 trillion in the first nine months of the year, down nearly 3% on year.
The company's total expenses for the December quarter, excluding the excise duty, were INR 1.930 trillion, up 1.7% on year. Sequentially, the total expenses rose almost 10%. The company's total expenses, including the excise duty, were INR 2.16 trillion, up 1% on year. Other expenses were INR 144.64 billion, up 27% on year.
Cost of raw materials consumed for the reporting quarter was INR 967.98 billion, down 9% on year. Depreciation and amortisation expenses were INR 38.96 billion, down 10% on year.
The company's total income, excluding the excise duty, was INR 1.96 trillion, down 2.4% on year. Other income for the December quarter stood at INR 18.82 billion, up almost 30% on year. The oil company's total income, including the excise duty, was INR 2.19 trillion, down 2.6% on year.
The oil company's refinery throughput for the December quarter was 18.11 million tonnes, down 2% from 18.50 million tonnes a year ago. The company's pipeline throughput fell 1.2% on year to 24.90 million tonnes.
The company's domestic sales of petroleum products were at 24.78 million tonnes for the latest quarter, up from 23.33 million tonnes a year ago. Exports in the latest quarter rose to 1.35 million tonnes, up from 1.29 million tonnes a year ago.
The oil major's revenue from petroleum products for the quarter fell to INR 2.031 trillion, down 4% from INR 2.116 trillion a year ago. The revenue from petrochemical products for the quarter was INR 72.02 billion, up 20% on year.
The company's average gross refining margin for Apr-Dec was $3.69 per barrel, down from $13.26 per barrel a year ago. The company's operating margin for Oct-Dec was 1.49%, down 351 basis points on year. End
US$1 = INR 86.34
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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