IOC Q1 results: Net profit plunges 75% YoY to ₹3,723 crore, revenue down 2%

This is 75% lower as compared to the standalone net profit of ₹14,735.3 crore clocked in the year-ago period.

The company's revenue from operations during the June 2024 quarter dropped around 2% to ₹2.15 lakh crore, as against ₹2.21 lakh crore in the same period of the preceding fiscal year.

The earnings before interest, taxes, depreciation and amortisation (EBITDA) decelerated by 55% year-on-year to ₹11,024.51 crore.

The drop in IOC's earnings was on account of the dwindling refining margins. The average gross refining margin (GRM) declined to $6.39 a barrel in Q1FY25 as against $8.34 in the year-ago period.

Greenfield terminal in Bihar

In a separate regulatory filing, IOC said its board has "accorded stage - 1 approval for the construction of Greenfield Terminal at Bihta, Patna, Bihar on Barauni Kanpur product Pipeline (BKPL) and Patna-Motihari-Baitalpur Pipeline (PMBPL)".

The project will be executed at an estimated cost of ₹1,698.67 crores, it added.

Shares of IOC briefly plunged after the Q1 results were out in the final hour of trading, but recovered towards the closing bell. The stock last traded at ₹182.95 on the NSE, up 1.42%.