IOC Q2 Results: Firm reports profit of Rs 12,967 crore, announces Rs 5 dividend
Indian Oil Corp (IOC) on Tuesday reported a standalone net profit of Rs 12,967 crore for the quarter ended September 2023, as against a loss of Rs 272 crore a year ago.
Revenue from operations fell 11% to Rs 2.02 lakh crore in the reporting quarter, compared with Rs 2.28 lakh crore in the same quarter of last year.
The Board has also declared an interim dividend of Rs 5 per share for the year 2023-2024. The record date for the same is fixed as November 10.
The interim dividend would be paid to eligible shareholders on or before November 30.
The profit before tax (PBT) for the reporting quarter stood at Rs 17,170 crore versus a loss of Rs 244 crore a year earlier.
The average gross refining margins (GRM) for the period April- September period stood at $13.12 per bbl, down from $25.49 per bbl in the same period last year.
The core GRM or the current price GRM for the reporting period after offsetting inventory loss/gain comes to $12.60 per bbl.
Segment wise, revenue from the petroleum products declined by 12% to Rs 1.90 lakh crore in the second quarter, compared with Rs 2.17 crore in the year-ago quarter.
Petrochemicals segment revenue rose 19% year-on-year to Rs 6,613 crore in the quarter ended September.
