Indian Oil Corporation on Thursday surprised investors with a standalone net profit of Rs 716.82 crore for the December quarter.This was in stark contrast to Rs 900 crore loss anticipated by analysts in an ETNow poll.
The oil and gas major had reported Rs 7,883.22 crore profit in the same quarter last year.
Let's go through key takeaways of IOC's Q3 earnings.
Key financials: Net sales for the quarter rose to Rs 1.60 lakh crore against Rs 1.30 lakh crore in the year-ago quarter.
Analysts in the ET Now poll had forecast's 1.36 lakh crore sales.
Ebitda for the quarter fell to Rs 3,610 crore for the quarter compared with Rs 13,287 crore in the year-ago quarter.Revenue from operations: The key metric came in at Rs 1,60,137.96 crore for October-December, higher than Rs 1,30,875.98 crore in the same period last year.
GRM: April-December gross refining margin stood at $5.83 per barrel against $8.28 per barrel in the same period last year.Expenses spike: Total expenses during the quarter under review went up to Rs 1,59,236.40 crore, from Rs 1,19,976.97 crore a year ago.
For April-December, employee benefit expenses read Rs 1,266.52 crore towards one-time contribution for superannuation benefit scheme for past periods.Budgetary support: The company has accounted for budgetary support of Rs 35,33.80 crore in April-December as revenue grants on sale of SKO and no under-utilisation is suffered by the company, the PSU said in a BSE filing.