IOC reports surprise Rs 717 crore profit for Dec quarter, sales jump 22%

NEW DELHI: Indian Oil Corporation (IOC) on Wednesday reported a standalone net profit of Rs 716.82 crore for the December quarter, in stark contrast to Rs 900 crore loss anticipated by analysts in an ET Now poll.

The oil & gas major had reported Rs 7,883.22 crore profit in the same quarter last year.

Net sales for the quarter rose to Rs 1.60 lakh crore against Rs 1.30 lakh crore in the year-ago quarter. Analysts in the ET Now poll had forecast s 1.36 lakh crore sales.


Ebitda for the quarter fell to Rs 3,610 crore for the quarter compared with Rs 13,287 crore in the year-ago quarter.

The company said it has accounted for budgetary support of Rs 35,33.80 crore in April-December period as revenue grants on sale of SKO and no under-utilisation is suffered by the company, the PSU said in a BSE filing.

April-December gross refining margin stood at $5.83 per barrel against $8.28 per barrel in the same period last year.

More to come...