Indian Oil posts 75 per cent fall in Q1 net profit at Rs 3,722 crore

Indian Oil posts 75 per cent fall in Q1 net profit at Rs 3,722 croreJuly 30, 2024New Delhi, July 30 (IANS) Indian Oil Corporation on Tuesday reported a 75 per cent decline in its consolidated net profit at Rs 3,722.63 crore for the April-June quarter of the current financial year, compared to Rs 14,735.30 crore in the same quarter last year. The oil giant’s revenue declined almost three per cent in Q1FY25 to Rs 2.19 lakh crore, compared to the previous year.Sequentially, net profit was down 32 per cent as the company reported a net profit of Rs 5,487.92 crore in the quarter ended March 31.Indian Oil’s profit has come down as the average gross refining margin (GRM) posted a sharp decline to $6.39 a barrel from $8.34 in the same quarter last year. The throughput of the company’s refineries was 18.168 million metric tonnes (MMT) during the first quarter as compared to 18.752 MMT in the same period of the previous year.The oil major achieved a quarterly domestic sales volume of 24.063 MMT, compared to 23.305 MMT last year. Exports volume in the quarter was pegged at 1.189 MMT.The company’s pipeline throughput came in at 25.811 MMT from 24.951 MMT in the same period last year.The India Oil board of directors have accorded stage 1 approval for the construction of a greenfield terminal at Bihta (Patna) on the Barauni-Kanpur product pipeline (BKPL) and the Patna-Motihari-Baitalpur Pipeline (PMBPL) at an estimated cost of Rs 1,698.67 crore. The shares of the oil major are hovering at around Rs 183 apiece on BSE.–IANSsps/vd