In This Article:
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Profit After Tax (PAT): INR2,874 crore for Q3 FY25, compared to INR180 crore in the preceding quarter and INR8,063 crore in Q3 FY24.
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Revenue from Operations: INR2,16,649 crore for Q3 FY25, compared to INR1,95,149 crore in the preceding quarter and INR2,23,012 crore in Q3 FY24.
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Refinery Throughput: 18.1 MMT with a capacity utilization of 102.3% for Q3 FY25.
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Gross Refining Margin (GRM): $2.95 per barrel for Q3 FY25, compared to $1.59 per barrel in the previous quarter.
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Pipeline Throughput: 24.9 MMT for Q3 FY25.
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Petroleum Product Sales: 23.38 MMT for Q3 FY25, highest ever for any quarter in Indian Oil's history.
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Petrochemical Sales: 0.89 MMT for Q3 FY25, compared to 0.77 MMT in the preceding quarter.
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Borrowings: INR1,31,480 crore as of December 31, 2024, increased by INR15,000 crore since March 31, 2024.
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Debt-to-Equity Ratio: 0.77 as of December 31, 2024.
Release Date: January 28, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Indian Oil Corp Ltd (BOM:530965) achieved a profit after tax of INR2,874 crore in Q3 FY25, a significant increase from INR180 crore in the preceding quarter.
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The company reported historically highest sales volume and strong operational performance despite global volatilities.
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Indian Oil is investing INR72,000 crore to enhance its refining capacity by 25% and expand its marketing and pipeline infrastructure.
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The company is transforming its retail outlets into energy stations, offering a range of fuel options including LNG, CNG, and EV charging stations.
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Indian Oil is committed to achieving net zero emissions by 2046 and plans to build a renewable energy portfolio of 31 gigawatts by 2030.
Negative Points
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The company's profit after tax for the nine months of FY25 was significantly lower at INR5,697 crore compared to INR34,781 crore in the same period of FY24.
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Indian Oil faced inventory losses and exchange losses in Q3 FY25, impacting its financial performance.
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The depreciation of the Indian rupee against the US dollar has increased exchange losses due to high import dependency for crude oil.
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The company has increased its borrowings by INR15,000 crore as of December 31, 2024, mainly due to LPG under recoveries and higher working capital.
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There is concern among investors about the impact of LPG under recoveries on the company's earnings and market capitalization.
Q & A Highlights
Q: What percentage of Indian Oil's crude sourcing in Q3 was from Russian crude, and what discounts were applied? A: During the financial year '24-'25 up to December, Russian crude oil imports accounted for nearly 25% of IOC's total crude oil imports. Discounts were initially at benchmark crude minus 3, but have since decreased to benchmark crude minus 1 to 1.5.