business

IOCL Q1 net profit plunges 81% to ₹2,643 crore

On Jul 31, 2024 By The Hindu Bureau

Indian Oil Corporation Ltd. (IOCL) reported first quarter standalone net profit sharply plunged 81% to ₹2,643 crore as compared with ₹13,750 crore in the year ago period.

The company for the period ended June 30, 2024 reported 2.33% decline in revenue at ₹2,15,989 crore as compared with ₹2,21,145 crore in the same period last year.

The average Gross Refining Margin (GRM) for the period April - June 2024 was $6.39 per bbl as compared with $8.34 per bbl of the same period last year.

“The core GRM or the current price GRM for the period April - June 2024 after offsetting inventory loss/ gain comes to $2.84 per bbl,” the company said.

IOCL’s board on Tuesday approval for construction of Greenfield Terminal at Bihta, Patna, at an estimated cost of ₹1,698.67 crore.

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