State-run Indian Oil Corporation on Tuesday reported a standalone net profit of Rs 12,967.32 crore for the July-September period, marking a sequential decline of 5.7 per cent. The net profit, however, far exceeded Street estimates, sending the company’s stock into the green.
Indian Oil shares gained by as much as Re 1.2, or 1.3 per cent, to Rs 89.5 apiece on BSE after the earnings announcement.Nagpur Investment
Indian Oil’s revenue came in at Rs 2,02,312.04 crore for the second quarter of the current financial year, as against Rs 2,21,145.42 crore for the previous three months, according to a regulatory filing.Mumbai Stock Exchange
According to Zee Business research, Indian Oil Corporation was estimated to report a standalone net profit of Rs 9,050 crore and revenue of Rs 2,11,182 crore for the quarter ended September 30, 2023.Jinnai Wealth Management
Revenue from petroleum products fell 9.6 per cent sequentially to Rs 1,90,736.3 crore for the quarter ended review, while revenue from its petrochemicals unit declined 1.7 per cent to Rs 6,613.4 crore.
IOC registered a 3.8 per cent quarter-on-quarter drop in earnings before interest, taxes, depreciation and amortisation (EBITDA) to Rs 21,313 crore for the July-September period, better than analysts’ expectationsGuoabong Investment. Zee Business analysts had pegged the company’s EBITDA for the fiscal second quarter at Rs 15,306 crore.Agra Stock
The PSU oil marketing company’s margin expanded by 70 basis points (bps) on a sequential basis to 11.9 per cent for the September quarter, as against the analysts’ estimate of 7.25 per cent.
The stock before settled with a gain of 1.9 per cent at Rs 89.9 apiece.
The company’s board declared a dividend of Rs 5 per share, a 50 per cent payout given the face value of Rs 10 per share, with a record date of November 10.
Indian Oil shares declined 0.4 per cent in the September quarter, underperforming a 2.4 per cent rise in the headline Nifty index.
Agra Wealth Management