Consolidated net profit during fiscal first quarter (Q1 FY23) was at ₹882.96 crore compared with ₹6,140.63 crore in the corresponding quarter in FY22.
On a standalone basis, however, the state-owned oil marketing company reported a net loss for the three months to June.
“The (standalone) net loss for the quarter ended 30th June 2022 is ₹1,993 crore as compared to net profit of ₹5,941 crore during the corresponding quarter of previous financial year mainly on account of lower marketing margins during the current quarter," the company said.
Standalone revenue from operations rose to ₹2.51 trillion in the first quarter from ₹1.55 trillion a year ago. Consolidated revenue from operation were at ₹ ₹7.36 trillion.
Indian Oil sold 24.6 million tonne of petroleum products, including exports, while its refining throughput was at 18.9 million tonnes during the quarter under review, IOC chairman S.M. Vaidya said.
IOC's gross refining margin (GRM) during the first quarter of FY23 was at $31.51 per barrel compared with $6.58 in the year-ago period. Core GRM for the period, after offsetting inventory loss/gain, was at $25.34 a barrel.
