Mumbai: Indian Oil Corp reported an 81% decline in its standalone net profit for the first quarter, amounting to Rs 2,643 crore, compared to Rs 13,750 crore in the same quarter last year.
Revenue from operations decreased by 2% year-on-year to Rs 2.15 lakh crore. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter were Rs 8,636 crore, with margins at 4.5%.
Total expenses for the April-June 2024 period increased to Rs 2.13 lakh crore from Rs 2.03 lakh crore in the same period last year.
The profit before tax (PBT) for the quarter dropped 81% year-on-year to Rs 3,453 crore, down from Rs 18,073 crore in the previous year's quarter.
The average gross refining margin (GRM) for the April-June 2024 period was $6.39 per barrel, compared to $8.34 per barrel in the same period in 2023.
The core GRM, or current price GRM after adjusting for inventory loss or gain, was $2.84 per barrel for the first quarter.
Additionally, the Board of Indian Oil Corp approved the stage-I construction of a Greenfield Terminal at Bihta, Bihar, along the Barauni-Kanpur Product Pipeline (BKPL) and Patna-Motihari-Baitalpur Pipeline (PMBPL) at an estimated cost of Rs 1,699 crore.
This investment will involve relocating the existing Marketing Terminal and Pipeline pump station in Patna and initiating pre-project activities.
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