New Delhi, April 30, 2025 — Public-sector energy major Indian Oil Corporation (IOC) reported a robust 58% jump in consolidated net profit for the fourth quarter (Q4) of financial year 2024–25 (FY25), reaching ₹8,123.64 crore compared to ₹5,148.87 crore in the same quarter last year. The sharp rise comes despite a marginal decline in revenue and weaker refining margins.
Sequentially, the profit figure marks an exponential increase—nearly 300 times higher than the ₹2,115.29 crore net profit reported in Q3 FY25, when the company faced pressure from lower refining margins and rising operational costs.
Revenue from operations for Q4 FY25 stood at ₹2,21,360.24 crore, a slight decline of 1% from ₹2,23,649.85 crore in Q4 FY24. However, it grew by 1% from the ₹2,19,522.35 crore posted in the previous quarter. Meanwhile, total consolidated expenses fell 2% year-on-year to ₹2,12,834.10 crore and were also down 3% from Q3 levels.
Indian Oil’s domestic sales volume for the quarter rose to 24.601 million metric tonnes (MMT), up from 23.737 MMT a year earlier. Total sales volume, including exports, was 25.945 MMT, registering a 3% growth. For the full fiscal year, total sales volumes rose to 100.292 MMT, also reflecting a 3% increase.
In terms of operations, pipeline throughput saw an uptick of 5% in Q4, reaching 25.777 MMT, while refinery throughput was marginally higher at 18.548 MMT compared to 18.282 MMT last year. However, on a full-year basis, refinery throughput dropped to 71.564 MMT, down from 73.308 MMT in FY24.
Despite operational growth, the Gross Refining Margins (GRM) weakened. The Q4 GRM dropped to $7.85 per barrel, from $8.39 per barrel in the same quarter last year. For the full year, GRM plunged to $4.80 per barrel, a sharp fall from $12.05 per barrel in FY24.
Indian Oil also reported increased financial strain. The company’s finance costs rose to ₹8,732 crore in FY25 from ₹7,328 crore the previous year, while total borrowings as of March 31, 2025, stood at ₹1,34,466 crore—up from ₹1,16,496 crore a year ago. Annual capital expenditure (capex) declined to ₹39,260 crore from ₹42,236 crore.
For the full fiscal year, the Corporation posted a standalone net profit of ₹12,962 crore, significantly lower than ₹39,619 crore in FY24. However, on a consolidated basis, the Group recorded a Profit After Tax (PAT) of ₹13,789 crore for FY25.
