Revenue from operations decreased by 2% year-on-year to Rs 2.15 lakh crore. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter were Rs 8,636 crore, with margins at 4.5%.
Total expenses for the April-June 2024 period increased to Rs 2.13 lakh crore from Rs 2.03 lakh crore in the same period last year.
The profit before tax (PBT) for the quarter dropped 81% year-on-year to Rs 3,453 crore, down from Rs 18,073 crore in the previous year's quarter.
The average gross refining margin (GRM) for the April-June 2024 period was $6.39 per barrel, compared to $8.34 per barrel in the same period in 2023.
The core GRM, or current price GRM after adjusting for inventory loss or gain, was $2.84 per barrel for the first quarter.
Additionally, the Board of Indian Oil Corp approved the stage-I construction of a Greenfield Terminal at Bihta, Bihar, along the Barauni-Kanpur Product Pipeline (BKPL) and Patna-Motihari-Baitalpur Pipeline (PMBPL) at an estimated cost of Rs 1,699 crore.
This investment will involve relocating the existing Marketing Terminal and Pipeline pump station in Patna and initiating pre-project activities.