Indian Oil revenue drops in April-June quarter

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Oil marketing major Indian Oil Corporation (IOC) has earned revenue of Rs 221,833.89 crore in April-June against Rs 252,616.54 crore during the same period last year.

IOC has reported a net profit of Rs 13,750.44 crore in April-June quarter of 2023 against a net loss of Rs 1,992.53 crore in April-June 2022.

Indian Oil sold 24.407 million metric tonnes of products, including exports, during the first quarter of financial year 2023-24.

IOC’s refining throughput for Q1 2023-24 was 18.752 million metric tonnes and the throughput of the Corporation’s countrywide pipelines network including gas pipelines was 24.951 million metric tonnes during the same period.

The gross refining margin (GRM) during the first quarter of FY 2023-24 was $8.34 per bbl as compared to $31.81 per bbl in corresponding quarter of previous financial year. The core GRM for current quarter after offsetting inventory loss/ gain comes to $9.05 per bbl.

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