On a standalone basis, Indian Oil Corporation (IOCL) reported net loss of Rs 1,992.53 crore in Q1 FY23 as compared to a net profit of Rs 5,941.37 crore in Q1 FY22.
Gross revenue from operations surged 62.48% to Rs 2,51,932.89 crore in Q1 FY23 over Q1 FY22. Revenue from operations (excluding excise duty) climbed 89% to Rs 224,252.63 crore in Q1 FY23 from Rs 118,670.52 crore recorded in corresponding quarter previous year.
The company reported a pre tax loss of Rs 2,529.24 crore in the first quarter as against a pre tax profit of Rs 7,798.48 crore registered in Q1 FY22.
Total expenses spiked 72.6% to Rs 2,55,145.78 crore in Q1 FY23 over Q1 FY22. Cost of raw materials consumed soared 94.63% to Rs 1,21,373.07 crore in Q1 FY23 as compared to Rs 62,360.25 crore in reported in Q1 FY22.
Domestic sales jumped by 22.56% to 22.973 million metric tons (MMT), export sales rose by 6.01% to 1.675 MMT in Q1 FY22 as against Q1 FY22.
The refineries throughput was 18.936 MMT (up 13.26% YoY) and the Pipelines Throughput (incl. Gas Pipelines) was 24.649 MMT (up 20.29% YoY) for the quarter ended on 30 June 2022.
The average gross refining margin (GRM) for the period April- June 2022 is $31.81 per bbl as against $6.58 per bbl for April- June 2021. The core GRM or the current price GRM for the period April -June 2022 after offsetting inventory loss/ gain comes to $25.34 per bbl. However, the suppressed marketing margins of certain petroleum products have offset the benefit of increase in GRM.
IOCL is an Indian government owned oil and gas explorer and producer. As of 4 July 2022, the Government of India held 51.50% stake in the company.
Shares of Indian Oil Corporation were up 1.18% to settle at Rs 72.95 on the BSE.
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