Revenue from operations fell 2.61% YoY to Rs 193,899.50 crore during the quarter as compared with Rs 199,103.97 crore in Q3 FY24.
Profit before exceptional items and tax (PBIT) fell 74.09% YoY to Rs 2,790.41 crore during the quarter. PBIT stood at Rs 679.67 crore, which includes favorable orders from the Hon'ble Supreme Court and the Gujarat VAT Tribunal regarding VAT Input Tax Credit under the Gujarat VAT Act 2005. Provisions created in earlier years in the books of the holding company were reversed, amounting to Rs 680 crore in Q3 FY25.
Domestic sales increased 6.22% to 24.780 million metric tons (MMT) and the export sales jumped 4.72% to 1.354 MMT in Q3 FY25 over Q3 FY24.
During the quarter, the refineries throughput was 18.110 MMT (down 2.12% YoY), the pipelines throughput was 23.985 MMT (down 1.22% YoY).
The company's revenue from petroleum products stood at Rs 203,051.80 crore (down 4.03% YoY) while the income from the petrochemicals revenue was at Rs 7,201.85 crore (up 20.36% YoY) during the period under review.
Average Gross Refining Margin (GRM) for the period April - December 2024 is $3.69 per bbl (April - December 2023: $13.26 per bbl). The core GRM or the current price GRM for the period April - December 2024 after offsetting inventory loss/ gain comes to $4.22 per bbl.
On the margins front, the company's operating margin reduced to 1.49% in Q3 FY25 from 5% posted in Q3 FY24. Net profit margin declined to 1.33% in Q3 FY25 as against 3.62% recorded in the corresponding quarter previous year.
Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31st December 2024, the Government of India held 51.50% stake in the company.