Indian Oil, a state-owned oil marketing company, reported a net loss of Rs. 272.35 crore in the quarter ended September 30, 2022 (Q2FY23). The company posted a net profit of 6,360.05 crore in the second quarter of FY22. Sequentially, Q2’s net loss has been reduced by a loss of 1,992.53 crore in Q1FY23.
I forward Q2FY23The company recorded revenue from the operations of 2,28,359.38 crore as compared to 1,69,763.50 crore in Q1FY22 and 2,51,932.89 crore in the second quarter of the last financial year.
Meanwhile, in the second quarter of FY 2013, the company’s total expenses were 2,30,802.01 crore vs. 1,62,834.14 crore in Q2FY22 and 2,55,145.78 crore in Q1FY23.
Further, in Q2FY23, domestic sales It was 21.562 MMT as compared to 18.938 MMT in Q2FY22 and 22.973 MMT in Q1FY23. Exports fell to 0.867 MMT in Q2FY23, as against 1.243 MMT in Q2FY22 and 1.675 MMT in Q1FY23.
Further, in Q2FY23, IndianOil achieved refineries throughput of 16.093 MMT as against 15.277 MMT in Q2 of the previous fiscal. Whereas in the first quarter of the current financial year, the throughput of the refineries stood at 18.936 MMT.
On the other hand, the company’s pipeline throughput including gas pipelines stood at 23.635 MMT in Q2FY23 – up from 20.110 MMT in Q2FY22. However, sequentially, pipeline throughput fell from 24.649 MMT in Q1 FY2013.
IndianOil in its audit report stated that “the company faced under-recoveries from domestic LPG sales in the financial year 2021-22 and in the six months ending 30 September 2022. To compensate for the under-recoveries, India The government has recently approved a one-time grant of 10,801 crore. This grant is recorded under Revenue from Operations in the Financial Results for the period April-September 2022.”
For the April-September 2022 period, the company’s gross refining margin is $25.49 per barrel — up from $6.57 per barrel. Core GRM or current value GRM for the period April-September 2022 comes to $22.19 per barrel after offsetting inventory loss/gain. However, suppressed marketing margins of some petroleum products have offset the gains of increase in GRMs.
Indian Oil shares closed on Friday 68.45 each flat as compared to last close 68.30 each on BSE.
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