Indian Oil Corporation Ltd Posts Q2 Profit of Rs 13,713.08 Crore, Surpassing Expectations"
"Indian Oil Corporation Ltd reported a Q2 profit of Rs 13,713.08 crore, a significant turnaround from a loss of Rs 910.21 crore in the second quarter of FY23, exceeding estimates. The company recorded revenue from operations at Rs 2,05,283.03 crore, representing an 11.9% decrease compared to the same period the previous year. According to a CNBC TV18 poll, Indian Oil was projected to achieve a Q2 profit of Rs 11,171 crore and Q2 revenue of Rs 2.12 lakh crore for the quarter ending in September 2023."
"In Q2FY24, Indian Oil recorded total income of Rs 2,05,789.51 crore, marking a 12% decrease from the Rs 2,33,800.98 crore recorded in Q2FY23. Furthermore, the total expenditure in Q2FY24 amounted to Rs 1,87,699.29 crore, showing a 20% reduction compared to the second quarter of FY23, which reported an expenditure of Rs 2,34,574.26 crore."
"The Indian Oil Board announced an interim dividend of 50%, equivalent to Rs 5 per equity share with a face value of Rs 10 each for the year 2023-2024. The company specified that the record date for determining shareholder eligibility for the interim dividend payment is Friday, November 10, 2023, with the dividend set to be paid to eligible shareholders on or before November 30, 2023, as per a regulatory filing."
"Indian Oil's petroleum products business generated revenue of Rs 1,93,320.60 crore, while its petrochemicals business posted revenue of Rs 6,613.35 crore for the quarter ending in September 2023."
"During the fiscal first half of April-September 2023, the company reported an average gross refining margin (GRM) of $13.12 per barrel, a decrease from the $25.49 per barrel recorded in the same period of the previous year.
