IOC net profit rises to Rs13,750 crore

Team Blitz India

NEW DELHI: Indian Oil Corporation (IOC), the state-run oil refiner, reported a standalone net profit of ₹13,750.44 crore in the quarter ended June 2023, rising 36.7% from ₹10,058.69 crore in the previous quarter. Its revenue stood at ₹2.51 lakh crore in the last year period.

Operational performance during the quarter improved as earnings before interest, taxes, depreciation and amortization (EBITDA) increased 44.5% to ₹22,163 crore from ₹15,340 crore, sequentially.

The Average Gross Refining Margin (GRM) for the period April- June 2023 was $8.34 per bbl. The core GRM or the current price GRM for the period April- June 2023 after offsetting inventory Joss/gain comes to $9.05 per bbl.