Indian Oil Q1 profit jumps multifold to Rs 14,735.30 crore, revenue down 11.7%

financialexpress.com:

State-run oil marketing company Indian Oil Corporation Ltd (IOC) on Friday posted a fiscal first quarter profit jump of 1568.9 per cent at Rs 14,735.30 crore, from Rs 882.96 crore during the first quarter of FY23, beating estimates. It posted revenue from operations during the quarter in review at Rs 2,25,410.49 crore, down 11.7 per cent as against Rs 2,55,378.21 crore during the corresponding quarter of last year. According to CNBC TV18 estimates, Indian Oil was expected to post Q1 profit at Rs 13,492 crore, and revenue at Rs 1.97 lakh crore. 

The company clocked a total income of Rs 2,26,025.11 crore, down 11.7 per cent in comparison to Rs 2,56,004.60 crore in the corresponding quarter of last year. However, total expenses during Q1 of the financial year stood at Rs 2,06,914.14 crore, down 18.9 per cent from Rs 2,55,028.94 crore in Q1FY23. 

In terms of revenue generation across the business vertical, IOC posted Rs 2,14,463.89 crore for its petroleum products segment during the quarter in review, and Rs 6,728.31 crore for its petrochemicals business during Q1FY23.