The web revenue in Q3 FY23 was decrease, as the corporate was importing crude oil at larger costs as a result of Russia-Ukraine conflict, whereas retail costs of petrol and diesel have been on maintain since Might 2022.
Nonetheless, on a sequential foundation, web revenue fell 31 per cent from ₹13,114 crore in Q2 FY24.
The consolidated complete earnings of India’s largest auto gasoline retail stood at ₹2.28-lakh crore in Q3 FY24 in contrast with ₹2.34-lakh crore in Q3 FY23 and ₹2.06-lakh crore in Q2 FY24.
Its consolidated complete bills stood at ₹2.17-lakh crore in Q3 FY24 (₹2.34 lakh crore), whereas it was ₹1.88-lakh crore in Q2 FY24.
Indian Oil Chairman, S M Vaidya, stated that the corporate offered 72.272 million tonnes (MT) of merchandise, together with exports throughout April–December 2023. “Our refining throughput for the primary 9 months of FY24 was 55.026 MT and the throughput of the company’s countrywide pipelines community was 74.033 MT through the interval. The gross refining margin (GRM) through the interval April–December 2023 was $13.26 per barrel in contrast with $21.08 a barrel within the corresponding interval of the earlier monetary yr,” he added.
Core GRM
In its submitting to the inventory exchanges, IOC stated the core GRM or the present worth GRM for April-December 2023, after offsetting stock loss/ achieve, stood at $11.73 per barrel.
In opposition to this, the typical GRM for April-September 2023 was $13.12 per barrel in opposition to $25.49 a year-ago. The core GRM after offsetting stock loss/ achieve was $12.60 a barrel.
IOC’s common GRM for April-June 2023 was $8.34 per barrel (in opposition to April-June 2022: $31.81 per barrel). Its core GRMs after offsetting stock loss/ achieve stood at $9.05 per barrel.
For Q3 FY24, Indian Oil’s product gross sales volumes, together with exports, was 24.621 MT. That is in opposition to 23.244 MT in Q2 FY24 and 24.305 MT in Q3 FY23.
The refining throughput was 18.502 MT (17.772 MT in Q2 FY24 and 18.202 MT in Q3 FY23) and the throughput of its countrywide pipelines community was 25.212 MT throughout Q3 FY24 (23.870 MT in Q2 FY24 and 23.801 MT in Q3 FY23).
Buffer account
IOC, in its consolidated outcomes submitting on the BSE, stated the Oil Ministry had conveyed to Oil Advertising and marketing Corporations (OMCs) that the place Market Decided Value (MDP) of LPG cylinders is lower than its Efficient Price to Buyer (ECC), the OMCs will retain the distinction in a separate buffer account for future adjustment. Nonetheless, as on March 31, 2023, the holding firm had a cumulative web damaging buffer of ₹2,220 crore because the retail promoting worth was lower than MDP. The identical have been recognised as part of income from operation upon its restoration through the interval April to December 2023.
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