IOC's Q1 Net Profit Falls 81% Due to Low Refining Margins

02 Aug 2024 CW Team

Indian Oil Corporation (IOC) has reported a significant 81% decline in its net profit for the first quarter of the fiscal year, largely due to reduced refining margins and substantial fuel under-recoveries. The company's net profit dropped to Rs.1,487 crore fromRs.7,795 crore in the same quarter of the previous year.

The sharp decrease is attributed to the ongoing pressures on refining margins, which have been adversely impacted by fluctuating global crude oil prices and increasing operational costs. Additionally, IOC has faced challenges related to fuel under-recoveries, where the sale prices of petroleum products have not kept pace with the rising costs of crude oil and other inputs.

Despite these challenges, IOC continues to focus on strategic measures to stabilise its financial performance. The company is actively working on optimising its refining operations and exploring avenues to mitigate the effects of volatile global oil markets. Furthermore, IOC is investing in infrastructure and technological advancements to enhance its operational efficiency and reduce costs.

The company's performance in the upcoming quarters will be closely watched as it navigates these challenges. Analysts expect that a recovery in refining margins and a stabilisation of global oil prices could positively impact IOC's profitability in the future.

IOC remains committed to its long-term growth strategies, including expansion of its refining capacity and diversification into renewable energy sectors, aiming to strengthen its market position and financial resilience amidst the current economic conditions.

Infrastructure Energy

08 Oct 2025

India, Brazil Discuss Energy Ties And Oil Investments

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri held discussions with Celso Luis Nunes Amorim, Special Advisor to the President of Brazil, and senior Brazilian officials to strengthen bilateral cooperation in the oil, gas, and energy transition sectors. The talks took place during a dinner hosted by Kenneth H da Nobrega, Ambassador of Brazil to India, at his residence in New Delhi.Mr Puri said the meeting focused on Indian investments in Brazil’s oil and gas sector, as well as expanding collaboration in energy transition and biofuels. “The enriching conversation revolved ar..

ONGC To Invest Rs 8.11 Billion In Andhra Onshore Oil, Gas Project

The Oil and Natural Gas Corporation Limited (ONGC) is set to invest Rs 8.11 billion for the onshore development and production of oil and gas from 172 wells across eight Production Mining Licence (PML) blocks in Andhra Pradesh.A committee under the Ministry of Environment, Forest and Climate Change (MoEFCC) has recommended environmental clearance (EC) for the project during a review meeting held last month.According to the Expert Appraisal Committee (EAC) minutes, the total project cost is estimated at Rs 8.11 billion, with a capital allocation of Rs 172 million towards the Environment Managem..

Tripura To Supply 40 MW Power To Mizoram For Christmas

The Tripura State Electricity Corporation Limited (TSECL) will supply 40 megawatts (MW) of power to Mizoram during the upcoming Christmas celebrations, continuing a long-standing tradition of power exchange between the two north-eastern states, officials confirmed on Sunday.During Durga Puja, the Mizoram State Power Corporation (MSPC) had supplied an equivalent 40 MW of electricity to Tripura to ensure an uninterrupted power supply during the festive period.“We had an agreement to receive 40 MW during Durga Puja, although the full amount was not utilised due to lower-than-expected demand in ..