On the strength of excellent marketing and refining margins, Indian Oil recorded a 67% increase in quarterly profit to Rs 10,059 crore. To Rs 226,492 crore in the January-March quarter, operating revenue climbed by 10%. The third and fourth quarters' success allowed the business to cover its losses from the first two quarters and post an annual profit of Rs. 8,242 crore for the years 2022–2023.
However, the yearly profit was 66% lower than Rs 24,184 crore in 2021–22, mostly because of reduced marketing and petrochemicals margin and higher currency losses, according to a statement from Indian Oil. Indian Oil closed 3.3% higher at Rs 87 a share, nearly at their 52-week
high. The benchmark Sensex closed 0.66 % lower.In contrast to the previous year, the corporation suffered a foreign exchange loss of Rs 6,701 crore in 2022–23. The foreign exchange gain for the January through March quarter was Rs 989 crore as opposed to a loss of Rs 997 crore during the comparable period.
The income for Indian Oil in 2022–2023 increased by 28% to Rs 9,34,953 crore. In comparison to the prior year's average gross refining margin (GRM), which was $11.25, the GRM for 2022–2023 was $19.52 per barrel. The business stated, "However, the reduced marketing margins of some petroleum products have offset the benefit of an increase in GRM." GRM for the quarter wasn't provided by the company.
Indian Oil and other state-run oil marketing corporations maintained retail prices for petrol and diesel at the same level despite a decline in prices on foreign markets, the expansion in marketing margins was a significant factor in the quarterly profit. Another gasoline retailer, Hindustan Petroleum, claimed a year-over-year increase in profit of 80% to Rs 3,223 crore for the period of January through March.
Operating profit for petroleum products at Indian Oil rose from Rs 8,247 crore a year earlier to Rs 11,686 crore in the fourth quarter. Petrochemicals' operational profit almost fell to Rs 295 crore. At the conclusion of FY23, the company's debt-to-equity ratio increased from 0.84 to 0.98. At the end of March, it had a net value of 1,34,757 crore, up from 1,31,286 crore.
