During the fourth quarter of FY24 (January-March 2024), state-run Indian Oil Corporation (IOCL) saw its consolidated net profit fall 49.3 percent to Rs 5,149 crore from Rs 10,290 crore in Q4 of FY23.
On a sequential basis, net profit slipped 43 per cent from Rs 9,030 crore.
The sharp fall in net profit during Q4 may be due to lower gross marketing margins on petrol and diesel.
Margins (for petrol and diesel) had reduced to an average of Rs 8 and Rs 3.4 per litre, respectively, during the quarter, according to a note by Motilal Oswal.
