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Government-owned oil marketing company, Indian Oil reported a net loss of ₹272.35 crore in the quarter ending September 30, 2022 (Q2FY23). The company posted a net profit of ₹6,360.05 crore in Q2 of FY22. Sequentially, Q2 net loss has narrowed from a loss of ₹1,992.53 crore in Q1FY23.
Further, in Q2FY23, the company recorded revenue from operations of ₹2,28,359.38 crore compared to ₹1,69,763.50 crore in Q1FY22 and ₹2,51,932.89 crore in Q2 of the previous fiscal.
Meanwhile, in the second quarter of FY23, the company’s total expenses stood at ₹2,30,802.01 crore versus ₹1,62,834.14 crore in Q2FY22 and ₹2,55,145.78 crore in Q1FY23.
Further, in Q2FY23, domestic sales stood at 21.562 MMT compared to 18.938 MMT in Q2FY22 and 22.973 MMT in Q1FY23. Exports in Q2FY23 dropped to 0.867 MMT compared to 1.243 MMT in Q2FY22 and 1.675 MMT in Q1FY23.
Also, in Q2FY23, Indian Oil garnered refineries throughput of 16.093 MMT as against 15.277 MMT in Q2 of the previous fiscal. While refineries throughput stood at 18.936 MMT in Q1 of the current fiscal.
On other hand, the company’s pipeline throughput including gas pipelines stood at 23.635 MMT in Q2FY23 — higher than 20.110 MMT in Q2FY22. However, sequentially, the pipeline throughput dipped from 24.649 MMT in Q1 of FY23.
In its audit report, Indian Oil said that “the company had suffered under-recoveries from sale of domestic LPG in the Financial Year 2021-22 and in six months ended on 30th September 2022. To compensate for under-recoveries, the Government of India has recently approved a one-time grant of ₹10,801 crore. This grant has been recorded under revenue from operations in financial results for the period April- September 2022.”
For the period April – September 2022, the company’s gross refining margin is at $25.49 per barrel — increasing from $6.57 per barrel. The core GRM or the current price GRM for the period April- September 2022 after offsetting inventory loss/gain comes to $22.19 per barrel. However, the suppressed marketing margins of certain petroleum products have offset the benefit of an increase in GRM.
On Friday, Indian Oil shares closed at ₹68.45 apiece flat compared to the previous closing of ₹68.30 apiece on BSE.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
