State-run oil marketing firm beats Street estimates

New Delhi: State-run IndianOil Corporation on Tuesdayreported a standalone net profitof Rs 12,967.32 crore for the
July-September period, markinga sequential decline of 5.7 percent. The net profit, however, farexceeded Street estimates, sending
the company’s stock into thegreen. Indian Oil shares gained byas much as Re 1.2, or 1.3 per cent,to Rs 89.5 apiece on BSE after
the earnings announcement.Indian Oil’s revenue came in atRs 2,02,312.04 crore for thesecond quarter of the currentfinancial year, as against Rs2,21,145.42 crore for theprevious three months, accordingto a regulatory filing. Accordingto Zee Business research, IndianOil Corporation was estimatedto report a standalone net profitof Rs 9,050 crore and revenue ofRs 2,11,182 crore for the quarter
ended September 30, 2023.Revenue from petroleumproducts fell 9.6 per centsequentially to Rs 1,90,736.3crore for the quarter ended
review, while revenue from itspetrochemicals unit declined 1.7per cent to Rs 6,613.4 crore.IOC registered a 3.8 per cent
quarter-on-quarter drop inearnings before interest, taxes,depreciation and amortisation(EBITDA) to Rs 21,313 crore forthe July-September period,better than analysts’ expectations.Zee Business analysts had peggedthe company’s EBITDA for thefiscal second quarter at Rs 15,306crore.The PSU oil marketingcompany’s margin expanded by70 basis points (bps) on asequential basis to 11.9 per centfor the September quarter, asagainst the analysts’ estimate of7.25 per cent. The stock beforesettled with a gain of 1.9 per cent
at Rs 89.9 apiece.The company’s board declareda dividend of Rs 5 per share, a 50per cent payout given the facevalue of Rs 10 per share, with arecord date of November 10.Indian Oil shares declined 0.4 percent in the September quarter,underperforming a 2.4 per cent
rise in the headline Nifty index.

About Post Author