Indian Oil posts 52 pc dip in Q4 net profit amid sharp rise in crude oil cost

New Delhi: Indian Oil Corporation Limited (IOCL) on Tuesday reported a 52 per cent decline in consolidated net profit at Rs 4,837 crore for the January-March quarter.

The public sector oil giant registered a net profit of Rs 10,059 crore in the same period last year. However, crude oil prices during the fourth quarter of 2023-24 rose by as much as 16 per cent which resulted in a sharp increase in input costs that were not passed on to consumers.

The company's revenue was more or less flat at Rs 2.23 lakh crore in Q4, compared to Rs 2.30 lakh crore in the same period last year.

Indian Oil declared a dividend of Rs 7 per equity share.

The oil major's average gross refining margin (GRM) for FY24 was $12.05 per barrel, as against $19.52 during the corresponding period last year, the company said in a stock exchange filing.

IOCL's refinery throughput was 18.282 million metric tonnes (MMT) during the quarter, compared to 19.177 MMT last year. Meanwhile, pipeline throughput came in at 24.593 MMT in Q4.

On the marketing front, IOCL achieved domestic product sales of 23.737 MMT during January-March 2024 while export sales of 1.542 MMT in Q4.