New Delhi, Jan 27 (IANS): Indian Oil Corporation (IOC) on Monday announced a net profit of Rs 2,873.53 crore for the October-December quarter of the current financial year, which represents a sharp recovery from the mere Rs 180 crore net profit recorded by the company in the preceding quarter.

The jump in company's revenues during the third quarter were driven by higher sales volumes. The oil marketing company's domestic sales grew 13 per cent year on year to 24.78 million metric tonnes in the third quarter, while exports jumped up 31 per cent to 1.345 million metric tonnes.

However, year-on year, the net profit of the company for the third quarter reflected a decline of nearly 64 per cent -- from the Rs 8,063.39 crore net profit reported in the corresponding quarter of previous financial year.

Indian Oil Corporation's average gross refining margin (GRM) for the period between April and December stood at $3.69 per barrel, dropping sharply from the corresponding figure of $13.26 per barrel reported in the same quarter of the previous financial year.

The company’s revenue from operations fell nearly 3 per cent year-on-year to Rs 2.17 lakh crore in Q3 FY25. The revenue from operations stood at Rs 2.23 lakh crore in Q3 of FY24. Its total expenses meanwhile rose marginally to Rs 2.16 lakh crore. Earnings per share (EPS) stood at Rs 2.09 during the quarter, according to its financials.

The company’s net profit had slumped during the second quarter due to inventory losses and lower refining margins during current quarter.

Indian Oil’s revenue from operations was Rs 4,11,138 crores for the April–September 2024, as compared to Rs 4,23,457 crores in corresponding period of previous financial year.

IndianOil sold 48.213 million tonnes of products, including exports, during the April–September 2024 period.

“Our refining throughput was 34.906 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 48.213 million tonnes during the period,” it said.