Indian Oil (IOC) Q4 24/25 earnings summary

Executive summary

• Profit after tax for Q4 FY25 was INR 7,265 crore, up from INR 2,874 crore in the previous quarter and INR 4,838 crore in Q4 FY24; full-year PAT was INR 12,962 crore versus INR 3,619 crore in FY24.

• Board approved audited standalone and consolidated financial results for the quarter and year ended 31 March 2025, with a recommended final dividend of Rs. 3.00 per share for FY 2024-25, subject to AGM approval.

• Statutory auditors issued unmodified opinions on both standalone and consolidated financial statements.

Financial highlights

• Standalone revenue from operations for FY25 was Rs. 8,45,512.61 crore, down from Rs. 8,66,345.38 crore in FY24; net profit for FY25 was Rs. 12,961.57 crore, compared to Rs. 39,618.84 crore in FY24.

• Q4 FY25 profit after tax rose sharply both sequentially and year-over-year.

• Full-year revenue and normalized GRM declined year-over-year; normalized GRM for FY25 was $5.30/bbl vs $7.44/bbl in FY24; average GRM for FY25 was $4.80/bbl, down from $12.05/bbl in FY24.

• Standalone EBITDA for FY25 was Rs. 45,210.46 crore, and EBIT was Rs. 29,926.32 crore.

• Inventory gain in Q4, but full-year saw an inventory loss.

Outlook and guidance

• Focus remains on operational excellence, prudent capital allocation, and strategic investments to strengthen the business and lead in the evolving energy landscape.

• Expectation of improved petrochemical margins in 2-3 years as the cycle turns.

• Anticipate a good year for oil marketing companies in FY26, with refining and marketing margins expected to remain positive.

• Board recommended a final dividend of Rs. 3.00 per share for FY25, to be paid within 30 days of AGM approval.