New Delhi: Indian Oil Corporation Ltd (IOC) has announced a significant 98.6 percent decrease in net profit during the September quarter due to declining refinery margins and shrinking marketing margins. As per a filing with the stock exchange, the company reported a standalone net profit of Rs 180.01 crore in the July-September period of the current fiscal year 2024-25, a decrease from Rs 12,967.32 crore in the same period last year.
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Reportedly, the profit decreased in comparison to the earning of Rs 2,643.18 crore in the previous April-June period. Although refinery margins decreased, the company experienced losses when selling domestic cooking gas LPG at a government-controlled price that was lower than the actual cost. According to the filing, IOC experienced an under-recovery of Rs 8,870.11 crore on LPG for the six months ending on September 30. USD 4.08 was made from refining crude oil into fuel such as petrol and diesel, which is lower than the gross refining margin of USD 13.12 per barrel from the previous year.
Pre-tax profits from fuel retailing operations in the downstream sector decreased significantly, falling to only Rs 10.03 crore from Rs 17,555.95 crore in July-September 2023. Income earned from activities decreased to Rs 1.95 lakh crore in the July-September period from Rs 2.02 lakh crore a year ago due to a decrease in global oil prices. Last year, the company and other government-owned fuel retailers, such as Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), experienced significant profit in creases by maintaining high prices of petrol and diesel despite lower costs.
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