IndianOil Q1 results: Net profit falls 40% to Rs 2,227 crore; Ebitda margin rises 130 bps to 6.9%

Indian Oil Corporation (IOC) on Friday posted 40.42 per cent year-on-year fall in consolidated net profit at Rs 2,226.80 crore for the quarter ended June 30. It had reported a net profit of Rs 3,737.50 crore in the corresponding quarter last year.

Revenue of the company slipped 40.91 per cent YoY to Rs 90,106.48 crore during the quarter under review.

“During the lockdown period, petroleum business continued its operations under the “Essential Services”. The revenue of the holding company and other consequential expenses during the period is decreased due to nationwide lockdown for Covid-19,” IOC said in a release.

The oil marketing company added that sales of the holding company got impacted significantly during April due to nationwide lockdown and consequently capacity utilisation of the plants were lower. However, the same has come back close to normal levels by June.

On an average, gross refining margin (GRM) for the quarter came at -$1.98 per barrel against $4.69 per barrel in the same period last year.

Consolidated Ebitda margin increased by 130 basis points YoY to 6.90 per cent in Q1FY21.