Net sales (including other operating income) of Indian Oil Corporation has declined 1.70% to Rs 195270.29 crore.  Sales of Sale of Petroleum Products segment has gone down 2.45% to Rs 206,132.19 crore (accounting for 91.12% of total sales).  Sales of Other Business Activities segment rose 46.35% to Rs 1,682.14 crore (accounting for 0.74% of total sales).  Sales of Sale of Petrochemicals segment has gone up 4.59% to Rs 7,225.87 crore (accounting for 3.19% of total sales).  Sales of Gas segment has gone up 17.90% to Rs 11,189.69 crore (accounting for 4.95% of total sales).  Inter-segment sales came down from Rs 5,214.16 crore to Rs 4,869.65 crore. 

Profit before interest, tax and other unallocable items (PBIT) has jumped 27.70% to Rs 10,206.28 crore.  PBIT of Sale of Petroleum Products segment rose 27.33% to Rs 10,327.23 crore (accounting for 101.19% of total PBIT).  PBIT of Other Business Activities segment fell 62.62% to Rs 51.55 crore (accounting for 0.51% of total PBIT).  PBIT of Sale of Petrochemicals segment rose 48.54% to Rs -205.72 crore (accounting for -2.02% of total PBIT).  PBIT of Gas segment fell 76.82% to Rs 33.22 crore (accounting for 0.33% of total PBIT). 

PBIT margin of Sale of Petroleum Products segment rose from 3.84% to 5.01%.  PBIT margin of Other Business Activities segment fell from 12.00% to 3.06%.  PBIT margin of Sale of Petrochemicals segment rose from negative 5.79% to negative 2.85%.  PBIT margin of Gas segment fell from 1.51% to 0.30%.  Overall PBIT margin rose from 3.49% to 4.51%. 

The gross refining margin (GRM) for Q4 24-25 is $ 7.85 per bbl as compared to $ 8.39 per bbl in the corresponding quarter of previous year. For Q4 24-25, Indian Oil`s total sales volumes, including exports, was 25.945 million tonnes registering a growth of 2.6% from Q4 23-24. The refining throughput increased by 1.5% YOY to 18.548 million tonnes in Q4 24-25 and the throughput of the corporation's countrywide pipelines network is 25.777 million tonnes during the quarter an increase by 4.8% from Q4 23-24.

Operating profit margin has jumped from 6.03% to 7.70%, leading to 25.51% rise in operating profit to Rs 15,029.33 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 58.28% to 57.93%.   Purchase of finished goods cost fell from 27.13% to 26.51%.   Employee cost decreased from 1.54% to 1.47%.   Other expenses fell from 6.87% to 6.51%.   Provisions writeoffs cost rose from 0.03% to 0.06%.   Other provisions rose from 0.03% to 0.06%.  

Other income fell 14.59% to Rs 1237.84 crore.  PBIDT rose 21.18% to Rs 16267.17 crore.  Provision for interest rose 1.43% to Rs 2177.84 crore.  Loan funds rose to Rs 152,270.56 crore as of 31 March 2025 from Rs 132,627.56 crore as of 31 March 2024.  Inventories declined from Rs 121,375.83 crore as of 31 March 2024 to Rs 113,878.49 crore as of 31 March 2025.  Sundry debtors were higher at Rs 18,550.96 crore as of 31 March 2025 compared to Rs 13,831.45 crore as of 31 March 2024.  Cash and bank balance rose to Rs 3,304.94 crore as of 31 March 2025 from Rs 3,157.05 crore as of 31 March 2024.  Investments rose to Rs 67,218.50 crore as of 31 March 2025 from Rs 65,541.90 crore as of 31 March 2024 . 

PBDT rose 24.94% to Rs 14089.33 crore.  Provision for depreciation rose 5.66% to Rs 4325.35 crore.  Fixed assets increased to Rs 279,062.41 crore as of 31 March 2025 from Rs 257,029.17 crore as of 31 March 2024.  Intangible assets stood at Rs 1.04 crore. 

Profit before tax grew 35.93% to Rs 9,763.98 crore.  Share of profit/loss was 18.21% higher at Rs 279.62 crore.  Provision for tax was expense of Rs 1677.02 crore, compared to Rs 1931.72 crore.  Effective tax rate was 16.70% compared to 26.04%.

Minority interest decreased 28.04% to Rs 243.99 crore.  Net profit attributable to owners of the company increased 57.78% to Rs 8,123.64 crore. 

Equity capital stood at Rs 13,771.56 crore as of 31 March 2025 to Rs 13,771.56 crore as of 31 March 2024.  Per share face Value remained same at Rs 10.00. 

Promoters' stake was 51.50% as of 31 March 2025 compared to 51.50% as of 31 March 2024 . 

Full year results analysis

Net sales (including other operating income) of Indian Oil Corporation has declined 2.35% to Rs 758105.81 crore.  Sales of Petroleum Products segment has gone down 3.56% to Rs 803,817.02 crore (accounting for 91.41% of total sales).  Sales of Other Business Activities segment rose 4.27% to Rs 5,150.87 crore (accounting for 0.59% of total sales).  Sales of Petrochemicals segment has gone up 6.85% to Rs 28,030.50 crore (accounting for 3.19% of total sales).  Sales of Gas segment has gone up 20.21% to Rs 42,341.44 crore (accounting for 4.82% of total sales).  Inter-segment sales rose Rs 18,631.27 crore to Rs 19,977.10 crore. 

Profit before interest, tax and other unallocable items (PBIT) has slumped 66.55% to Rs 20,224.90 crore.  PBIT of Petroleum Products segment fell 68.19% to Rs 18,944.63 crore (accounting for 93.67% of total PBIT).  PBIT of Other Business Activities segment fell 59.97% to Rs 293.81 crore (accounting for 1.45% of total PBIT).  PBIT of Petrochemicals segment fell 27.94% to Rs -440.29 crore (accounting for -2.18% of total PBIT).  PBIT of Gas segment rose 171.24% to Rs 1,426.75 crore (accounting for 7.05% of total PBIT). 

PBIT margin of Petroleum Products segment fell from 7.14% to 2.36%.  PBIT margin of Other Business Activities segment fell from 14.86% to 5.70%.  PBIT margin of Petrochemicals segment fell from negative 1.31% to negative 1.57%.  PBIT margin of Gas segment rose from 1.49% to 3.37%.  Overall PBIT margin fell from 6.72% to 2.30%. 

For FY 2024-25 GRM is $ 4.80 per bbl as compared to $ 12.05 per bbl in previous financial year. Indian Oil achieved highest ever sales volumes of 100.292 MMT in FY 24-25 crossing the 100 MMT milestone with highest ever sales in all segments i.e., Petroleum, Petrochemicals & Gas for the first time. Indian Oil's cross country pipelines achieved throughput of 100.477 MMT in FY 24-25 and by crossing 100 MMT milestone achieved the highest ever recorded throughput this year. During the year, Company has further expanded its pipelines network by 260 KMs taking Indian Oil's total pipeline network to above 20,000 KMs. IOCL Our refining throughput for FY 2024-25 was 71.564 MMT and the throughput of the Corporation's countrywide pipelines network was 100.477 MMT during the year

Operating profit margin has declined from 9.74% to 4.75%, leading to 52.39% decline in operating profit to Rs 35,990.54 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 57.61% to 59.27%.   Purchase of finished goods cost rose from 24.65% to 27.38%.   Employee cost decreased from 1.51% to 1.43%.   Other expenses rose from 6.49% to 7.17%.   Provisions writeoffs cost fell from 0.03% to 0.02%.   Other provisions fell from 0.03% to 0.02%.  

Other income fell 8.46% to Rs 3513.73 crore.  PBIDT fell 50.27% to Rs 39504.27 crore.  Provision for interest rose 18.35% to Rs 9261.93 crore.  Loan funds rose to Rs 152,270.56 crore as of 31 March 2025 from Rs 132,627.56 crore as of 31 March 2024.  Inventories declined from Rs 121,375.83 crore as of 31 March 2024 to Rs 113,878.49 crore as of 31 March 2025.  Sundry debtors were higher at Rs 18,550.96 crore as of 31 March 2025 compared to Rs 13,831.45 crore as of 31 March 2024.  Cash and bank balance rose to Rs 3,304.94 crore as of 31 March 2025 from Rs 3,157.05 crore as of 31 March 2024.  Investments rose to Rs 67,218.50 crore as of 31 March 2025 from Rs 65,541.90 crore as of 31 March 2024 . 

PBDT fell 57.77% to Rs 30242.34 crore.  Provision for depreciation rose 5.74% to Rs 16777.34 crore.  Fixed assets increased to Rs 279,062.41 crore as of 31 March 2025 from Rs 257,029.17 crore as of 31 March 2024.  Intangible assets stood at Rs 1.04 crore. 

Profit before tax down 75.84% to Rs 13,465.00 crore.  Share of profit/loss was 13.88% higher at Rs 1760.43 crore.  Provision for tax was expense of Rs 3274.62 crore, compared to Rs 14126.64 crore.  Effective tax rate was 19.19% compared to 24.66%.

Minority interest decreased 86.66% to Rs 190.99 crore.  Net profit attributable to owners of the company decreased 67.41% to Rs 13,597.84 crore mainly on account of lower refining and marketing margins as compared to previous year. 

Equity capital stood at Rs 13,771.56 crore as of 31 March 2025 to Rs 13,771.56 crore as of 31 March 2024.  Per share face Value remained same at Rs 10.00. 

Promoters' stake was 51.50% as of 31 March 2025 ,compared to 51.50% as of 31 March 2024.

The Board of Directors have recommended the final dividend of Rs 3.00 per equity share (face value: Rs10/- per equity share) for FY 2024-25 subject to approval by the members of the company in the Annual General Meeting.  . 

The scrip is currently trading at Rs 137

  

Indian Oil Corporation : Consolidated Results
Particulars	2503 (03)	2403 (03)	Var.(%)	2503 (12)	2403 (12)	Var.(%)
Net Sales (including other operating income)	1,95,270.29	1,98,649.76	-2	7,58,105.81	7,76,351.85	-2
OPM (%)	7.7	6.0		4.8	9.7
OP	15,029.33	11,974.73	26	35,990.54	75,595.06	-52
Other Inc.	1,237.84	1,449.23	-15	3,513.73	3,838.56	-8
PBIDT	16,267.17	13,423.96	21	39,504.27	79,433.62	-50
Interest	2,177.84	2,147.11	1	9,261.93	7,825.65	18
PBDT	14,089.33	11,276.85	25	30,242.34	71,607.97	-58
Depreciation	4325.35	4093.75	6	16777.34	15866.11	6
PBT	9,763.98	7,183.10	36	13465	55741.86	-76
Share of Profit/(Loss) from Associates	279.62	236.54	18	1760.43	1545.93	14
PBT before EO	10043.6	7419.64	35	15225.43	57287.79	-73
EO Income	1.05	0	-	1838.02	0	-
PBT after EO	10044.65	7419.64	35	17063.45	57287.79	-70
Taxation	1677.02	1931.72	-13	3274.62	14126.64	-77
PAT	8367.63	5487.92	52	13788.83	43161.15	-68
Minority Interest (MI)	243.99	339.05	-28	190.99	1431.46	-87
Net profit	8123.64	5148.87	58	13597.84	41729.69	-67
EPS (Rs)*	#	#		8.6	29.6
Notes
* EPS is on current equity of Rs 14,121.24 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

 

Indian Oil Corporation : Consolidated Segment Results
	% of (Total)	2503 (03)	2403 (03)	Var.(%)	% of (Total)	2503 (12)	2403 (12)	Var.(%)
Sales
Sale of Petroleum Products	91	2,06,132.19	2,11,315.42	-2	91	8,03,817.02	8,33,469.67	-4
Other Business Activities	1	1,682.14	1,149.43	46	1	5,150.87	4,940.16	4
Sale of Petrochemicals	3	7,225.87	6,908.50	5	3	28,030.50	26,233.69	7
Gas	5	11,189.69	9,490.66	18	5	42,341.44	35,223.20	20
Total Reported Sales	100	2,26,229.89	2,28,864.01	-1	100	8,79,339.83	8,99,866.72	-2
Less: Inter segment revenues		4,869.65	5,214.16	-7		19,977.10	18,631.27	7
Net Sales		2,21,360.24	2,23,649.85	-1		8,59,362.73	8,81,235.45	-2
PBIT
Sale of Petroleum Products	101	10,327.23	8,110.86	27	94	18,944.63	59,548.49	-68
Other Business Activities	1	51.55	137.91	-63	1	293.81	734.06	-60
Sale of Petrochemicals	-2	-205.72	-399.75	49	-2	-440.29	-344.14	-28
Gas	0	33.22	143.3	-77	7	1,426.75	526.01	171
Total PBIT	100	10,206.28	7,992.32	28	100	20,224.90	60,464.42	-67
Less : Interest		2,177.84	2,147.11	1		9,261.93	7,825.65	18
Add: Other un-allcoable		2,016.21	1,574.43	28		6,100.48	4,649.02	31
PBT		10,044.65	7,419.64	35		17,063.45	57,287.79	-70

 

 

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