Indian Oil Corporation logged a record ₹21,630 crore net profit for the July‑September quarter, a stark reversal from the ₹2.661 crore loss in Q1. EBITDA jumped from ₹1,947 crore to ₹30,297 crore, pushing the EBITDA margin to 12% from a mere 0.7% last quarter. Operating revenue slipped 4.6% YoY to ₹2.50 lakh crore, down from ₹2.62 lakh crore in Q1.
Pre‑tax profit from petroleum product sales doubled to ₹24,935 crore, while petrochemicals nearly tripled to ₹528 crore and gas earnings surged to ₹1,238 crore from ₹243 crore a year earlier. The company attributed the turnaround to a temporary dip in crude prices between mid‑June and mid‑August and robust margins in petrochemicals and gas.
Domestic fuel sales climbed by over 1 million tonnes to 23.98 million tonnes, and refineries processed 18.11 million tonnes of crude, up from 17.61 million tonnes a year earlier. Despite an LPG subsidy burden of ₹32,506 crore, the firm’s consolidated net profit still hit a record high.
IOC cautioned that inventory losses could bite earnings in coming quarters as crude prices normalize, potentially eroding the sharp margins that underpinned the current profit. Shares closed at ₹130, down ₹0.15 or 0.12% on the BSE, reflecting market concerns over the sustainability of the margin expansion.