https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

Indian Oil’s Q2 Profit Falls to Rs 180 Crore as Margins Shrink and LPG Under-Recoveries Rise

The company posted a standalone net profit of Rs 180.01 crore for the July-September period, a significant drop from Rs 12,967.32 crore during the same period last year, as per its filing with the stock exchange.
Indian Masterminds Stories

Indian Oil Corporation Limited (IOCL), the state-owned oil major, reported a sharp 98.6% decline in net profit for the second quarter of the fiscal year 2024-25, primarily due to a reduction in refinery margins and shrinking marketing margins. The company posted a standalone net profit of Rs 180.01 crore for the July-September period, a significant drop from Rs 12,967.32 crore during the same period last year, as per its filing with the stock exchange.

The quarterly profit also saw a sequential decrease from Rs 2,643.18 crore in the first quarter (April-June). Apart from reduced refinery margins, IOCL incurred substantial under-recoveries from selling domestic LPG at government-set prices, which were lower than the cost. For the half-year ending on September 30, these under-recoveries amounted to Rs 8,870.11 crore.

IOCL reported a gross refining margin of USD 4.08 per barrel for converting crude into fuels like petrol and diesel, down from USD 13.12 per barrel in the previous year. Additionally, pre-tax earnings from downstream fuel retail fell drastically to Rs 10.03 crore in the latest quarter, compared to Rs 17,755.95 crore a year earlier.

Revenue from operations dipped slightly to Rs 1.95 lakh crore in July-September, down from Rs 2.02 lakh crore in the same quarter last year, amid softer international oil prices. IOCL sold 21.931 million tonnes of petroleum products in Q2, a slight decrease from 21.941 million tonnes a year earlier, and processed 16.738 million tonnes of crude oil, lower than the 17.772 million tonnes in the same quarter of 2023.

The company, along with other public-sector fuel retailers like HPCL and BPCL, had previously benefited from a price freeze on petrol and diesel, allowing recovery from prior-year losses incurred when retail prices were not increased despite cost rises. However, profits were impacted recently when petrol and diesel prices were reduced by Rs 2 per litre each before the general elections, compounded by declining product cracks (the price difference between crude oil and refined products) following the highs of 2022-23.


Indian Masterminds Stories
ADVERTISEMENT
ADVERTISEMENT
Related Stories
ADVERTISEMENT
ADVERTISEMENT
NEWS
Engineers India Limited EIL Engineers India Ltd (EIL)
Engineers India Ltd (EIL) Facilitates Major Upgrade at Dabhol LNG Terminal, Now an All-Weather Port Boosting India’s Energy Security
Garden Reach Shipbuilders & Engineers Ltd
GRSE Signs Strategic MoUs with European Firms from Sweden, Denmark & Germany to Boost Marine Propulsion & Vessel Manufacturing
Indian Forest Services IFS officer
Maharashtra: 10 State Forest Officers Promoted to Indian Forest Service (IFS) Under 2021 Select List - Check Full List Here
DoPT-resized
DoPT Revises Ceiling Policy: Centre Enhances Central Deputation Allowance for AIS, Group A Officers Under Central Staffing Scheme
Kerala_govt_resized
Kerala: Govt Reshuffles Senior IAS Officers, Creates Ex-Cadre Post; Puneet Kumar Made Resident Commissioner, Kerala House, Delhi
Powergrid PEC MoU
Education-Industry Synergy: POWERGRID Signs MoU with PEC Chandigarh to Establish Rs 17 Cr Centre of Excellence
Chandigarh logo-resized
UT Cadre Dominance Grows in Chandigarh: 3 IAS Officers to Join; 41 ASIs Promoted, 61 Policemen Transferred - Check the All Names Here
IAS Officers Indian Administrative Services IAS logo
Supreme Court Stays Trial Against Former Haryana IAS Officer Rajeev Arora in Manesar Land Case - Know the Case Here
ADVERTISEMENT
ADVERTISEMENT
Videos
Monika Singh
Monika Singh’s Life Beyond the Bureaucracy | Video Interview 
IAS Tushar G Nikhare
Modernising Governance: A Digital Transformation in Gangtok
IMG-20250523-WA0036
Abhishek Singh's SECRET: Vipassana, Anthropology & Smart Answer Writing | Video Interview 
ADVERTISEMENT
UPSC Stories
Divyanshu Pal Nagar IFS
5 Years, 5 Mains, 4 Interviews: How Divyanshu Pal Nagar Stumbled in CSE, Triumphed in IFS - A Lesson for Every Aspirant
Divyanshu Pal Nagar’s inspiring five-year UPSC journey shows how perseverance, disciplined self-study,...
ANUBHAV SINGH UPSC IFS 2024
9 Years, 8 Attempts, 7 Failures: How Anubhav Singh Cracked UPSC IFS 2024 with AIR 3 Against All Odds | Exclusive
Anubhav Singh’s inspiring journey to UPSC IFS Rank 3 showcases relentless perseverance, strategic preparation,...
Jogender Sihag
“I Cleared UPSC, But My Grandfather isn’t Here to Hear it,” Jogender Sihag, AIR 521, UPSC CSE 2024
"Life is short; make the most of it, whether in civil service or any other field. Just have a clear vision...
Social Media
Tiger jump Sundarban
Stunning Viral Video Shows Royal Bengal Tiger Making Spectacular 30-Foot Leap Across River in Sunderbans - See It Here
Retired Indian Forest Service (IFS) officer Susanta Nanda shared the clip online, which quickly went...
shubham kumar ias marriage
IAS Topper Weds BPSC Topper: Shubham Kumar Marries IRS Officer Priyangi Mehta in Patna; Wedding Video Goes Viral
Topper Couple Alert: Shubham Kumar, Priyangi Mehta’s Wedding Grabs Spotlight in Bihar
parveen kaswan elephant
Elephant Outsmarts Electric Fence! IFS Parveen Kaswan Shares Incredible Video!
In the now-viral 51-second clip, the intelligent giant approaches a wooden pole supporting high-voltage...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
Engineers India Limited EIL Engineers India Ltd (EIL)
Engineers India Ltd (EIL) Facilitates Major Upgrade at Dabhol LNG Terminal, Now an All-Weather Port Boosting India’s Energy Security
Garden Reach Shipbuilders & Engineers Ltd
GRSE Signs Strategic MoUs with European Firms from Sweden, Denmark & Germany to Boost Marine Propulsion & Vessel Manufacturing
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
Monika Singh
IAS Tushar G Nikhare
IMG-20250523-WA0036
ADVERTISEMENT
ADVERTISEMENT