Indian Oil (IOC) Q1 24/25 earnings summary

Executive summary

• Unaudited standalone and consolidated financial results for the quarter ended 30 June 2024 were approved by the Board of Directors on 30 July 2024.

• Auditors issued unmodified review reports for both standalone and consolidated results, with no material misstatements identified.

Financial highlights

• Standalone revenue from operations for Q1 FY25 was ₹2,15,988.76 crore, down from ₹2,21,145.42 crore in Q1 FY24.

• Standalone net profit for Q1 FY25 was ₹2,643.18 crore, compared to ₹14,456.17 crore in Q1 FY24.

• Consolidated revenue from operations for Q1 FY25 was ₹2,19,864.34 crore, down from ₹2,25,410.49 crore in Q1 FY24.

• Consolidated net profit for Q1 FY25 was ₹3,722.63 crore, compared to ₹14,735.30 crore in Q1 FY24.

• Average Gross Refining Margin (GRM) for Q1 FY25 was $6.39/bbl, down from $8.34/bbl in Q1 FY24; core GRM was $2.84/bbl.

Outlook and guidance

• No deviation or variation in the use of proceeds from listed non-convertible debentures; all funds utilized as intended.