NEW DELHI: Indian Oil Corp. (IOC) on Friday reported an 86% year-on-year stoop in its June quarter web revenue to ₹883 crore amid volatility in international oil markets because of geo-political uncertainties.
Consolidated web revenue throughout fiscal first quarter (Q1 FY23) was at ₹882.96 crore in contrast with ₹6,140.63 crore within the corresponding quarter in FY22.
On a standalone foundation, nonetheless, the state-owned oil advertising firm reported a web loss for the three months to June.
“The (standalone) web loss for the quarter ended thirtieth June 2022 is ₹1,993 crore as in comparison with web revenue of ₹5,941 crore in the course of the corresponding quarter of earlier monetary yr primarily on account of decrease advertising margins in the course of the present quarter,” the corporate mentioned.
Standalone income from operations rose to ₹2.51 trillion within the first quarter from ₹1.55 trillion a yr in the past. Consolidated income from operation had been at ₹ ₹7.36 trillion.
Indian Oil bought 24.6 million tonne of petroleum merchandise, together with exports, whereas its refining throughput was at 18.9 million tonnes in the course of the quarter below overview, IOC chairman S.M. Vaidya mentioned.
IOC’s gross refining margin (GRM) in the course of the first quarter of FY23 was at $31.51 per barrel in contrast with $6.58 within the year-ago interval. Core GRM for the interval, after offsetting stock loss/acquire, was at $25.34 a barrel.
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