Indian Oil Financial Performance FY 2024-25 (Standalone)

Indian Oil Corporation (IOC), India’s premier oil refining and marketing company, reported a standalone net profit of Rs.5,697 crore for the first nine months of FY2024-25, a significant decline from Rs.34,781 crore in the same period the previous year. This downturn was primarily attributed to inventory losses, reduced refining margins due to lower cracks in line with international trends, and increased exchange losses during the current period.

Despite these challenges, IOC achieved its highest-ever quarterly sales volume of 26.134 million tonnes in Q3 FY2024-25, marking a 14% increase over the previous quarter. The company’s refining throughput for the quarter stood at 18.110 million tonnes, an 8% rise from the previous quarter. However, the average gross refining margin (GRM) during April–December 2024 dropped significantly to $3.69 per barrel, compared to $13.26 per barrel in the same period of the previous year.

Looking ahead, IOC has set a capital expenditure target of Rs.31,000 crore for FY2024-25, focusing on expanding its core businesses and investing in green energy projects to achieve net-zero emissions by 2046. This includes the implementation of 1 GW of renewable energy capacity through its wholly owned subsidiary, with an estimated investment of Rs.5,215 crore.

IOC’s performance in FY2024-25 underscores the volatility of the energy sector and the importance of strategic investments in diversification and sustainability to navigate market fluctuations and ensure long-term growth.