Mumbai – Public sector Indian Oil Limited (IOC)’s net profit fell by a massive 98.6 percent to Rs 180.01 crore in the second quarter of the current financial year. The company’s profit fell sharply due to the reduction in refinery resume and marketing margin.
IOSAI informed the stock market about the financial enterprises of the July-September, 2024 quarter. In the same quarter a year ago, the public sector retail marketing company had a profit of Rs 12,967.32 crore. In the September quarter of the current financial year, IOSO has a net profit of Rs 180.01 crore on a standalone basis, which is a net profit of Rs 2,643.18 crore in the April-June quarter.
In fact, along with the decline in the refinery profits of Ioix, there has been a huge loss due to the sale of domestic LPG at a price lower than the cost. Due to this, there has been a decline in its net profit. Along with this, the sale of Ioix in the first pipeline of the current financial year was Rs 8,870.11 crore. Crude oil was sold in cylinders like petrol and diesel at US $ 4.08, while gross refining was sold at US $ 13.12 per barrel in the same period last year. Ioix’s pre-tax income from business investment was only Rs 10.03 crore, which was Rs 17,7555.95 crore in July-September 2023.
Due to the name in the specialty of international oil, the company’s revenue document stood at Rs 1.95 lakh crore in the quarter, which was Rs 2.02 lakh crore in the same period last year. Apart from Iasomi, other public stock exchanges- Hindustan Supermarkets Limited (HPCL) and Bharat Enterprises Limited (BPCL) also earned a lot last year by keeping the petrol and diesel industry stable despite the fall in costs. However, this year the profit from maintaining price stability has ended with the reduction of two rupees per liter in the price range of petrol and diesel just before the announcement of the general election.
