Indian Oil Corp Q1FY23 Results: PAT swung to Loss of ₹279 Cr by 104.2%, but Income up 22.1% as Sales of products grew 5.44% QOQ

Average Gross Refining Margin (GRM) for the period April- June 2022 is $31.81 per barrel (April- June 2021: $6.58 per barrel). The core GRM or the current price GRM for the period April -June 2022 after offsetting inventory loss or gain comes to $25.34 per barrel. However, the suppressed marketing margins of certain petroleum products have offset the benefit of increase in GRM.

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Indian Oil Corporation, a diversified, integrated energy major with presence in almost all the streams of oil, gas, petrochemicals and alternative energy sources; a world of high-calibre people, state-of-the-art technologies and cutting-edge R&D, practices a quality-consciousness and transparency.

Indian Oil recorded Revenue from Operations of ₹7,28,460 crores and a net profit of ₹24,184 crores for the financial year 2021-22. Now, the company has posted its Q1FY23 financial results today, the details are as below :

(I) Unaudited Consolidated Financial Results for Quarter Ended (QOQ comparison):

The company has reported, a consolidated Total Income of ₹2,56,004.60 crore in the quarter ended on June 30, 2022 as against ₹ crore in the last quarter ended on Mar 31, 2022, increased by 22.12%.

The company has posted a consolidated Net Loss of ₹(279.38) crore in the quarter ended on March 31, 2022 as against Profit of ₹6,645.72 crore in the previous quarter ended on June 30, 2022. The PAT surges down to loss by 104.20%.

The status of the EPS of the company stood at ₹(0.20) as on March 31, 2022 compared to the previous quarter ended on June, 2022 which was ₹4.83, down by 104.14%.

₹*June 30, 2022 (Q1FY23)Mar 31, 2022 (Q4FY22)
Total Income2,56,004.602,09,629.86
Total Expenses255028.94199874.95
PBT /(Loss)1343.619891.42
Total Tax /(credit)460.652802.24
PAT /(Loss) [to the owners](279.38)6,645.72
*figures are in Crores

(II)Unaudited Consolidated Financial Results for Quarter Ended (YoY comparison):

The company has reported, a consolidated Total Income of ₹2,56,004.60 crore in the financial year ended on June 30, 2022 as against ₹1,57,018.41 crore for the same quarter ended on last year June 30, 2021 that increased by 63.04%.

The company has posted a consolidated Net Loss of ₹(279.38) crore in the financial year ended on June 30, 2022 as against Profit of ₹6,109.69 crore for the same quarter ended on last year June 30, 2021. The PAT crashes down by 104.57%.

The status of the EPS of the company stood at ₹(0.20) as on June 30, 2022 compared to the quarter ended on last year June 30, 2021 which was ₹4.44, down by 104.50%.

₹*June 30, 2022 (Q1FY23)June 30, 2021 (Q1FY22)
Total Income2,56,004.601,57,018.41
Total Expenses255028.94149334.99
PBT /(Loss)1343.618030.15
Total Tax /(credit)460.651889.52
PAT /(Loss) [to the owners](279.38)6,109.69
*figures are in Crores
Indian Oil q1 fy23 result – Market Times

(III) Key Highlights about the Performance :

  • Average Gross Refining Margin (GRM) for the period April- June 2022 is $31.81 per barrel (April- June 2021: $6.58 per barrel). The core GRM or the current price GRM for the period April -June 2022 after offsetting inventory loss or gain comes to $25.34 per barrel. However, the suppressed marketing margins of certain petroleum products have offset the benefit of increase in GRM.
  • Net Profit Margin [Profit after Tax / Revenue from Operations](%) stood at 0.35% as on Q1FY23, 3.39% on Q4FY22 and 3.92% as on Q1FY22.
  • Revised shares held under “IOC Shares Trust” of face value ₹349.68 crore has been excluded from paid-up Equity Share Capital post bonus issue.
  • Net Worth [Equity Share Capital+ Other Equity (including OCI)] (₹ in Crore) ₹1,34,317.05 Cr on June 30, 2022 as against ₹1,33,535.18 Cr on Mar 30, 2022, hence a rise of 0.585% and Net Worth stood at ₹1,20,244.95 Cr in the prev quarter ended last year on June 31, 2021.
  • Domestic Sales of products grew 5.44%, Export sales up 10.12% and Pipelines sales increased by 9.25% QOQ.

Product Sales (in MMT*)Q1FY23Q4FY22Q1FY22
Domestic22.97321.78918.745
Export1.6751.5211.580
Refineries Throughput18.93618.26516.719
Pipelines Throughput (incl. Gas Pipelines)24.64922.56120.491
* MMT – Million Metric Tons

The stocks of Indian Oil Corp last hit in BSE,

  • Intraday High of ₹ 73.25
  • Intraday low of ₹ 72.10