IOC Q2 net profit drops 98% due to lower refining and fuel margins

29 Oct 2024 CW Team

State-owned Indian Oil Corporation (IOC) reported a significant 98.6 per cent drop in net profit for the September quarter due to reduced refinery and marketing margins. According to a filing on the stock exchange, IOC's standalone net profit stood at Rs 1.80 billion for the July-September period—the second quarter of the 2024-25 fiscal year—compared to Rs 129.67 billion in the same period the previous year.

Sequentially, the profit also declined from Rs 26.43 billion recorded in the April-June period. IOC faced a decline in refinery margins and incurred under-recoveries from selling domestic cooking gas (LPG) at government-regulated prices, which were lower than its production costs.

For the six-month period ending on September 30, IOC recorded an under-recovery on LPG of Rs 88.70 billion. The company earned $4.08 per barrel from refining crude oil into fuels like petrol and diesel, a sharp decrease from the gross refining margin of $13.12 per barrel a year ago.

Pre-tax earnings from the downstream fuel retailing business plunged significantly to Rs 100.03 million, down from Rs 1.77 trillion in the July-September 2023 period. Revenue from operations also declined, reaching Rs 1.95 trillion in July-September from Rs 2.02 trillion in the previous year, as global oil prices softened.

IOC and other state-owned fuel retailers, including Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL), had benefited last year by holding petrol and diesel prices steady despite declining costs. This price freeze was defended as a measure to offset the losses incurred by these retailers in the previous year when they had refrained from raising retail prices, despite rising costs.

Real Estate

08 May 2026

Integrated Waterproofing Strategies

Waterproofing buildings used to be an annual pre-monsoon affair but the evolution of real-estate development has changed that approach. In new developments, developers are weaving waterproofing solutions into both the design and construction phases, an approach that Nikhil Madan, Managing Director, Mahima Group, says, “is all about ensuring lasting durability [of the building] and keeping lifecycle risks including water seepage and extensive maintenance to a minimum.”Watertight by designAluminium formwork systems aren’t commonly thought of as a waterproofing tool but at the Mahima Group,..

GROHE Showcases Water-Led Design At Milan

GROHE unveiled its GROHE SPA Aqua Sanctuary at Milan Design Week 2026, transforming Piccolo Teatro Studio Melato into an immersive showcase of water, design and wellbeing. Built on the philosophy of ‘Wellbeing Through Water’, the installation reimagined bathrooms as holistic spaces for relaxation, rejuvenation and self-care.The Aqua Sanctuary was presented through three interconnected sanctums. The first showcased the 3D-printed GROHE SPA AquaTree shower and faucet, highlighting bespoke innovation and biophilic design. The second featured the Atrio Private Collection and GROHE SPA x Buster..

Rahee Group Expands Rail Manufacturing Capacity

Rahee Group has outlined a multi-year investment roadmap to expand its operational footprint and strengthen manufacturing capabilities for India’s growing railway and urban transit sector. The Group is expanding in Odisha with a new Track Component Casting Unit, for which the groundbreaking ceremony was held on 8 April 2026 in the presence of Odisha Chief Minister Mohan Charan Majhi.The Group’s flagship EPC arm, Rahee Infratech Ltd, continues to focus on complex rail infrastructure projects, including track systems, bridges, viaducts and ballastless infrastructure. Its wholly owned subsidi..