IOC · Oil Gas & Consumable Fuels
Indian Oil Corporation Ltd. reported revenue of ₹1.94 lakh cr for October to December 2024, −2.9% on the year and +10.9% on the quarter.
Operating profit (EBITDA) was ₹7,573 cr, a margin of 3.9%, −447 bps on the year and +192 bps on the quarter. Over the last 7 quarters the margin has ranged from 2.0% to 12.9%, averaging 7.2%. Operating costs grew +1.8%, faster than revenue at −2.9%, so operating profit grew less than sales.
Net profit was ₹2,147 cr, −76.7% on the year and — on the quarter, with earnings per share of ₹1.50. Profit before other income, one-offs and tax fell 91.8%, so 15 points of the headline growth came from outside the core business. The tax rate of 22% is in line with its recent average.
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 ₹7.53 over the last four quarters, the stock at ₹129.68 trades at 17.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 70% of profit before tax, against 16% a year earlier.
Source: Quarterly statements
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 3.9%, −447 bps on the year (+192 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: 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.
| 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 ₹1.94 lakh cr (−2.9% on the year) and net profit of ₹2,147 cr (−76.7% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −91.8% on the year, against −76.7% for reported profit.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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