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Informist, Monday, Oct. 27, 2025

 

--IOC Jul-Sept gas revenue INR 111.35 bln vs INR 98.86 bln year ago

--IOC Jul-Sept petrochemicals revenue INR 63.91 bln vs INR 68.13 bln yr ago

--IOC Jul-Sept petroleum pdts revenue INR 1.89 tln vs INR 1.83 tln year ago

--IOC Jul-Sept operating margin 5.28%

--IOC Apr-Sept average GRM $6.32 per bbl vs $4.08 per bbl year ago

--IOC Jul-Sept domestic sales 22.85 mln tn vs 21.93 mln tn year ago

--IOC Jul-Sept pipelines throughput 24.09 mln tn vs 23.99 mln tn year ago

--IOC Jul-Sept refineries throughput 17.61 mln tn vs 16.74 mln tn year ago

--IOC Jul-Sept total expenses INR 1.94 tln vs INR 1.98 tln year ago

--IOC Apr-Sept revenue INR 4.22 tln vs INR 4.11 tln year ago

--IOC Apr-Sept net profit INR 132.99 bln vs INR 28.23 bln year ago

--IOC Jul-Sept revenue INR 2.03 tln vs INR 1.95 tln year ago

--IOC Jul-Sept net profit INR 76.10 bln vs INR 1.80 bln year ago

--Analysts saw IOC Jul-Sept revenue at INR 1.87 tln

--IOC Jul-Sept revenue INR 2.03 tln

--IOC Jul-Sept net profit INR 76.10 bln

--Analysts saw IOC Jul-Sept net profit at INR 53.41 bln

 

 

By Sunil Raghu

 

AHMEDABAD – Persistent fall in global crude oil prices led to a decline in operating expenses of Indian Oil Corp. Ltd., which in turn helped the state-owned company to keep costs in check and report a multifold jump in net profit for the September quarter. The company's net profit for the quarter was INR 76.10 billion, against INR 1.8 billion in the year ago quarter. The net profit was higher than analysts' estimate of INR 53.41 billion. The company reported on-year growth in net profit for the third consecutive quarter, after four straight quarters of decline.

 

The revenue for the quarter rose 4% on year to INR 2.03 trillion. The company's top line, net of excise duty, was INR 1.79 trillion, up nearly 3% on year but down 7.3% from the trailing quarter. Analysts had expected the company's consolidated revenue for the quarter to grow nearly 7% on year but decline 3% sequentially to INR 1.87 trillion.

 

IOC's domestic sales in the September quarter were 22.85 million tonnes, up from 21.93 million tonnes a year ago but down from 24.97 million tonnes in the June quarter. Exports during the quarter were at 1.41 million tonnes, compared with 1.03 million tonnes a year ago and 1.36 million tonnes in the June quarter.

 

Pipeline throughput for the quarter was 24.09 million tonnes, as against 23.99 million tonnes a year ago and 26.26 million tonnes a quarter ago. Refinery throughput for the quarter rose to 17.61 million tonnes from 16.74 million tonnes a year ago but was down from 18.68 million tonnes a quarter ago, the company said.

 

IOC's revenue from petrochemicals fell 6.2% on year to INR 63.9 billion in the September quarter, while revenue from petroleum products rose 3.3% on year to INR 1.89 trillion. The company's revenue from natural gas was INR 111.4 billion, up 12.6% from INR 98.9 billion a year ago.

 

The oil marketing company's operating margin jumped up by 525 basis points on year to 5.28%, led by lower crude oil cost. IOC reported a 2% year-on-year decline in total expenses for the quarter to INR 1.94 trillion, from INR 1.98 trillion.

 

The oil major's average gross refining margin for the September quarter was $6.32 per barrel, up nearly 55% from $4.08 per barrel a year ago. Gross refining margin is the difference between the cost of crude oil and the value of refined petroleum products. It is a key indicator of a refinery's operational efficiency and a key profitability metric for refiners. Analysts had expected IOC's gross refining margin to range from $6.1 per barrel to $8.5 per barrel, compared with $2.15 per barrel in the June quarter. The core gross refining margin, or the current price gross refining margin, after offsetting inventory loss, was $7.89 per barrel, the company said in notes accompanying its earnings announcement to the stock exchanges.

 

The company's inventory cost for the quarter stood at INR 50.6 billion. The cost of raw materials consumed in the September quarter fell 7.5% to INR 899.4 billion, from INR 972.3 billion in the year ago quarter. The company's employee cost was INR 27.5 billion, up 10.3% from INR 24.9 billion in the September quarter a year ago. The finance costs were down 10.1% on year at INR 21.7 billion.

 

IOC said its cumulative subsidy outgo on liquefied petroleum gas cylinders stood at INR 257.7 billion as on Sept. 30. The government has informed the company that it will pay compensation of INR 144.9 billion towards under-recoveries on the sale of domestic LPG up to Mar. 31, 2025. Compensation for under-recoveries likely to be incurred up to Mar. 31, 2026, will be disbursed in 12 equal monthly instalments beginning November and thereafter disbursed accordingly, the company said in notes accompanying its earnings filing.

 

IOC's revenue for Apr–Sept was INR 4.22 trillion, against INR 4.11 trillion a year ago. The company's net profit for the period rose to INR 132.99 billion, from INR 28.23 billion a year ago.

 

Separately, the company Monday said its board has approved the reappointment of four of its statutory auditors. Shares of the company ended 3.2% higher at INR 155.20 on the National Stock Exchange.  End

 

US$1 = INR 88.24

 

Edited by Ashish Shirke

 

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