IOC Q2 net profit beats estimates at ₹7,610 crore on higher refining margins

Indian Oil Corporation Ltd (IOC), the nation's largest oil firm, on Monday (October 27) reported a net profit of ₹7,610 crore for the second quarter, surpassing the CNBC-TV18 poll estimate of ₹6,353 crore. The company’s revenue came in at ₹1.79 lakh crore, slightly above the poll estimate of ₹1.77 lakh crore.

EBITDA stood at ₹14,583 crore, higher than the CNBC-TV18 poll projection of ₹13,124 crore, while operating margin improved to 8.2% compared to the expected 7.4%.



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On a sequential basis, net profit rose 33.8% from ₹5,688 crore in the previous quarter. EBITDA increased 15.7% from ₹12,607 crore, while margins expanded to 8.2% from 6.5% quarter-on-quarter. However, revenue declined 7% from ₹1.92 lakh crore in the previous quarter.

It earned $19.6 on every barrel of crude oil it processed and turned into fuels like petrol and diesel in Q2, compared to $2.15 gross refining margin in Q1 and $1.59 in Q2 last year.

The results came after the close of the market hours. Shares of Indian Oil Corporation Ltd ended at ₹155.15, up by ₹4.80, or 3.19%, on the BSE.

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