Indian Oil Q2 results: Net profit soars to Rs 13,713 cr, beats expectations
In the second quarter of FY24 (July-September), the state-run Indian Oil Corporation Ltd (IOCL) saw a remarkable turnaround as its consolidated net profit soared to Rs 13,713 crore, bouncing back from a loss of Rs 910 crore in Q2 FY23. However, on a sequential basis, the net profit exhibited a 7 per cent decrease from Rs 14,735 crore recorded in Q1 FY24.
The public sector oil marketing company (OMC) saw a significant rise in consolidated annual net profit despite auto-fuel marketing margins crashing and the cost of crude purchases rising. In the latest quarter, the company’s revenue from operations dwindled by 11.9 per cent to Rs 2.05 trillion compared to Rs 2.33 trillion in Q2 FY23.
