No Inventory Gains For IOC In The Second Quarter 

The country’s largest oil marketing company, Indian Oil corporation saw its profit fall 62 percent to come in at Rs 3,120 crore for the July-September quarter, compared to Rs 8,268 crore in the previous quarter. The figure was marginally below analyst estimates of Rs 3,180 crore.

Historical comparison may not reflect the true picture though as one-off charges related to inventory and forex movement were recorded in the previous quarter.

The company’s total revenue for the second quarter came in at Rs 1,00,274 crore compared to Rs 1,07,200 crore, a decline of 6 percent compared to the previous quarter, the company said in an exchange filing.

Earnings before interest, tax, depreciation and amortisation fell 56 percent in the second quarter to Rs 6,010 crore compared to Rs 13,683 crore in the first quarter of the current financial year. EBITDA margins fell to 6 percent as against 12.76 percent in the previous quarter.

The company’s gross refining margins for the April-September period was at $7.19 per barrel compared to $5.76 per barrel for the corresponding period last year. BloombergQuint’s calculations pegs the second quarter figure at $4.4 per barrel compared to $9.98 per barrel in the first quarter.

The company’s refineries throughput fell 2.88 percent to 15.63 million metric tonnes compared to 16 million metric tonnes in the previous quarter. Pipelines throughput too fell 2.15 percent to 20.97 million metric tonnes compared to 21.43 million metric tonnes.

Shares of the company fell as much as 2.4 percent to Rs 313.75 per share.