Indian Oil Corporation Ltd. exceeded expectations on Tuesday by reporting a Q2 profit of Rs 13,713.08 crore as opposed to a loss of Rs 910.21 crore in the second quarter of FY23. It reported operating income of Rs 2,05,283.03 crore, a decrease of 11.9% from Rs 2,33,016.97 crore in the same period the previous year. Indian Oil was predicted in a CNBC TV18 poll to report a Q2 profit of Rs 11,171 crore and revenue of Rs 2.12 lakh crore for the quarter ending in September 2023.
In Q2FY23, Indian Oil’s total income was Rs 2,05,789.51 crore, a 12% decrease from the previous quarter’s Rs 2,33,800.98 crore. In the meantime, overall spending for Q2FY24 was Rs 1,87,699.29 crore, which represents a 20% decrease from Rs 2,34,574.26 crore for Q2FY23.
Additionally, the Indian Oil Board announced an interim 50% dividend for the years 2023–2024, or Rs 5 per equity share with a face value of Rs 10. The record date for determining a shareholder’s eligibility for an interim dividend payment has been set by the Board for Friday, November 10, 2023.
The interim dividend will be distributed to qualified shareholders by November 30, 2023, at the latest, the business stated in a regulatory statement.
For the quarter that ended in September 2023, Indian Oil’s petroleum products division brought in Rs 1,93,320.60 crore, while its petrochemicals business brought in Rs 6,613.35 crore.
For the first half of the company’s fiscal year, which runs from April to September 2023, the average gross refining margin (GRM) was $13.12 per barrel, down from $25.49 per barrel in the same time the previous year.
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