IOC Q2FY24 earnings: Net profit, revenue decline sequentially; company announces dividend

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Indian Oil Corporation (IOC) released its Q2FY24 numbers on Tuesday, reporting a standalone net profit of ₹12,967 crore. This marks a significant turnaround from the same period last year, when the state-owned company reported a net loss of ₹272 crore due to holding fuel prices despite the strong spike in crude oil prices. However, seen sequentially, the net profit dropped by 5.69%.

Also Read: How higher Crude prices impact Indian oil marketing companies - Explained The revenue from operations in the September quarter declined by 11.40% to ₹2.02 lakh crore compared to the ₹2.28 lakh crore reported in the same period the previous year. In the preceding June quarter, the company recorded revenue of ₹2.21 lakh crore. Within the company's segments, the Petroleum Products segment experienced a 12.27% YoY decline in revenue to reach ₹1.90 lakh crore in Q2 FY24.

Conversely, the Petrochemicals segment reported a revenue increase of 19% YoY, reaching ₹6,613.35 crore, as per the company's exchange filing. Indian Oil Corporation reported a gross refining margin of $13.12 per barrel in converting crude oil into fuel during the September quarter (Q2FY24), compared to $25.49 per barrel in the same period the previous year. IOC's refinery throughput for the quarter stood at 17.77 million tonnes, marking a 10% YoY rise.

In Q2FY24, the company sold 21.941 million tonnes of petroleum products, showing growth from the 21.562 million tonnes sold in the corresponding period last year. The Board of Directors has approved an interim dividend of 50%, which amounts to Rs. 5 per equity share with a face value of Rs.