Chennai: Oil marketing major Indian Oil Corporation Ltd (IOC) on Friday said it closed the first quarter of FY24 with a net profit of Rs 13,750.44 crore.
In a regulatory filing, the company said during Q1FY24, it had earned a total income of Rs 221,833.89 crore (against Q1FY23’s Rs 252,616.54 crore) and a net profit of Rs 13,750.44 crore (net loss of Rs 1,992.53 crore).
According to IOC, the average Gross Refining Margin (GRM) for the period April-June 2023 is $8.34 per bbl (April-June 2022: $31.81 per bbl).
The core GRM or the current price GRM for the period April-June 2023 after offsetting inventory loss/gain comes to $9.05 per bbl.
–IANS