Indian Oil Q2 result update!

Last updated: 30 Oct, 2020 | 12:49 pm

Indian Oil Q2 result update!
  • Profit beats estimates: Indian Oil’s net profit stood at ₹6,025.81 crore in the quarter ended September, up nearly 3 times on a sequential basis and 13 times on a yearly basis. Analyst had previously estimated a net profit of ₹2,552.8. Revenue slipped 13.39% yearly to ₹1,16,713.17 crore.
  • Demand recovery aids topline, cost reduction boosts bottomline : The gradual unlocking of the economy led to demand recovery for petrol and diesel. Petrol consumption was up 3.3% yearly while Diesel’s demand fell 6%. Total expenses fell 18.78% to ₹1,09,497.85 crore from ₹1,34,823.53 crore resulting in a surge in the net profit of the company. 
  • Refining Margin: Gross refining margin (the amount that the company earns by converting one barrel of crude into fuel) was at $3.46 a barrel against $2.96 a year ago and a negative $1.98 a barrel in the June quarter. In the previous quarter when the world came to a standstill oil marketing companies took a sharp margin hit with almost negligible demand for their products.

Quicker than anticipated opening up of the economy has brought a sigh of relief for oil marketing companies after a disastrous period in the first quarter of fiscal 2021 due to nationwide lockdowns. While demand for products like diesel may shoot up in the near term due to consumer’s preference for personal mobility instead of public transport, the overall outlook for the sector still remains gloomy due to several structural as well as demand linked headwinds.

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