Indian Oil Corp. reported a substantial rise in net profit for the second quarter of the fiscal year 2024, an increase of 20% to ₹17,713 crore ($2.36 billion), up from ₹14,735 crore in the previous quarter. This robust performance significantly surpassed Bloomberg analysts' prediction of ₹4,380.2 crore.
Following this earnings announcement, shares of Indian Oil Corp. experienced an uptick, climbing by 1.47% to ₹89.55 each.
Despite the impressive net profit growth, not all financial indicators were positive for the company. Revenue for the same quarter dropped by 9% to ₹1,79,246 crore ($23.85 billion), falling short of the expected ₹2,06,695.32 crore.
Earnings before interest, taxes, depreciation and amortization (EBITDA) also saw a minor dip of 1.6%, amounting to ₹23,328 crore ($3.11 billion). Nevertheless, this figure outperformed the forecasted EBITDA of ₹15,958.37 crore and yielded an EBITDA margin of 13%.
The Gross Refining Margin (GRM) for the period from April to September 2023 averaged at $13.12 per barrel.
Alongside these financial results, the board of Indian Oil Corp. ratified an interim dividend of ₹5 per share for FY23-24 and set the record date on November 10, 2023.
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