State owned oil refiner and retailer reported a 19% YoY growth in standalone profits to Rs 5,860.8 crores, the figure for the same period last year being Rs 4,917 crores, in its Q3 results. The main reasons behind the higher profits were the gains from inventory and higher refining margins. However, there was a decline in profits QoQ as the profits stated last quarter was Rs 6,360 crores.
The net profit for a period of 9 months ending on December 31, 2021, was 38% higher YoY at Rs 18,162 crores. The company’s gross refining margin for the quarter was $8.52 per barrel, 193% higher than $2.96 which was the gross refining margin for the same period last year.
Revenue from operation rose 34.4% to touch Rs 1.98 lakh crore against Rs 1.47 lakh crore last year. However, the sales per quantity was 1.9% lower, 22.6 million tonnes against 23 million tonnes last year. IOC’s board has declared an interim dividend of Rs 4 per share for FY22. The decline in profits compared to last quarter led to a selling pressure for the stock as it opened lower and fell over 2.7%.
Highlight by Aman Agarwal.