IOC · Oil Gas & Consumable Fuels
Indian Oil Corporation Ltd. reported revenue of ₹1.75 lakh cr for July to September 2024, −2.4% on the year and −9.7% on the quarter.
Operating profit (EBITDA) was ₹3,467 cr, a margin of 2.0%, −1,095 bps on the year and −314 bps on the quarter. It is the narrowest margin of the last 6 quarters (range 2.0% to 12.9%). Operating costs grew +9.9%, faster than revenue at −2.4%, so operating profit grew less than sales.
The company swung to a net loss of ₹449 cr from a profit of ₹13,713 cr a year earlier, with earnings per share of −₹0.12. Profit before other income, one-offs and tax fell 117.9%, so 15 points of the headline growth came from outside the core business.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply. The quarterly statements do not carry refining margins, throughput and inventory gains or losses; those come with the filing read.
On earnings per share of ₹12.42 over the last four quarters, the stock at ₹129.68 trades at 10.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Expected for Oil, gas and energy: Margins move with crude and inventory gains each quarter. EBITDA margin 2.0%, −1,095 bps on the year (−314 bps on the quarter).
Source: Quarterly statements
Swung to a loss from a profit a year ago. One quarter, or a trend?
Expected for Oil, gas and energy: Inventory gains and losses swing quarterly profit. Net loss −₹449 cr against a profit of ₹13,713 cr.
Source: Quarterly statements
Could not run on this quarter: Other income carrying profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1.79 lakh cr | ₹2.00 lakh cr | ₹1.99 lakh cr | ₹1.94 lakh cr | ₹1.75 lakh cr | ₹1.94 lakh cr | ₹1.95 lakh cr | ₹1.92 lakh cr | ₹1.79 lakh cr | ₹2.05 lakh cr | ₹2.08 lakh cr | ₹2.66 lakh cr |
| YoY | — | — | — | −2% | −2% | −3% | −2% | −1% | +2% | +6% | +7% | +39% |
| EBITDA margin | 12.9% | 8.4% | 6.0% | 5.1% | 2.0% | 3.9% | 7.7% | 6.9% | 9.1% | 11.1% | 11.9% | 1.5% |
| Other income, % of PBT | 5% | 16% | 23% | 23% | — | 70% | 15% | 20% | 12% | 9% | 12% | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 23% | 26% | 23% | — | 22% | 17% | 22% | 26% | 24% | 23% | — |
| Net profit | ₹13,713 cr | ₹9,225 cr | ₹5,488 cr | ₹3,723 cr | −₹449 cr | ₹2,147 cr | ₹8,368 cr | ₹6,808 cr | ₹8,191 cr | ₹13,502 cr | ₹15,176 cr | −₹1,141 cr |
| YoY | — | — | — | −75% | −103% | −77% | +52% | +83% | — | +529% | +81% | −117% |
| Core profit YoY | — | — | — | −80% | −118% | −92% | +49% | +88% | — | +1,852% | +104% | −130% |
| EPS | ₹9.29 | ₹6.39 | ₹3.65 | ₹2.50 | −₹0.12 | ₹1.50 | ₹5.75 | ₹4.83 | ₹5.54 | ₹9.21 | ₹10.24 | −₹1.15 |
| Flags | · | · | · | 1 | 2 | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Indian Oil Corporation Ltd. reported revenue of ₹1.75 lakh cr (−2.4% on the year) and net profit of −₹449 cr (−103.3% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −117.9% on the year, against −103.3% for reported profit.
None of the 4 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.