Indian Oil Corporation Financial year 24-25 Q1 year results are out: Profits for the Q1 diminishes by 81%, Click here to read the full article:

Indian Oil Corporation's (IOC) average gross refining margin — the profit made from refining one barrel of oil — decreased to $6.39 per barrel from $8.34 per barrel the previous year.

IOC reported an approximately 81% drop in first-quarter profit on Tuesday, impacted by reduced marketing margins.

Click here to read in detail about Indian Oil Financial Performance Q1 FY 2022-23

The government-owned company's standalone net profit fell to Rs 2,643 crore (approximately $316 million) for the quarter ending June 30.

The average gross refining margin — the profit from converting one barrel of oil into refined products — declined to $6.39 per barrel from $8.34 per barrel a year earlier.

Despite this, fuel consumption remained robust during the quarter, bolstered by strong industrial activity and activities related to the general elections, enhancing demand in Asia's third-largest economy.

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Nevertheless, the escalating prices of crude oil — a crucial input for refiners — continued to be worrisome, with peer state-owned refiners like Hindustan Petroleum and Bharat Petroleum experiencing declines in their bottom lines for the quarter due to diminished refining margins.

India ranks as the world's third-largest oil importer and consumer. Indian Oil, together with its subsidiary Chennai Petroleum, holds about one-third of India's five million-barrels-per-day refining capacity.

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