State-run IOC reported a standalone net loss of Rs 2,661 crore for Q1 FY27, compared to a profit last year. The loss is attributed to rising crude oil prices from the West Asia conflict, even as revenue grew 26% to Rs 2,75,972 crore.

State-run Indian Oil Corporation (IOC) reported a standalone net loss of Rs 2,661 crore for the first quarter of FY27, compared with a net profit of Rs 5,689 crore in the corresponding quarter last year, as rising crude oil prices following the West Asia conflict weighed on the company's profitability.

The company, however, reported a 26 per cent year-on-year increase in revenue from operations to Rs 2,75,972 crore during the April-June quarter, up from Rs 2,18,608 crore in the same period of FY26. In a press release issued on Friday, Indian Oil said, "Decrease in Profitability is mainly on account of rise in crude cost due to West Asia conflict."

Record Operational Performance

Operationally, the company posted its highest-ever first-quarter crude throughput at 19.165 million metric tonnes (MMT), up 3 per cent from 18.683 MMT in the year-ago period. Refinery capacity utilisation improved to 109.4 per cent from 106.7 per cent a year earlier, while fuel and loss fell to a record low of 8.04 per cent in the post-BS VI era.

Indian Oil's cross-country pipeline network also recorded its highest-ever quarterly throughput at 28.548 MMT, a 9 per cent increase over 26.256 MMT in the corresponding quarter last year.

Sales Growth and Market Share

The company's petroleum sales rose 1 per cent to 22.542 MMT during the quarter. It said its domestic market share increased to 43.1 per cent from 41.5 per cent a year ago, while quarterly sales of petrol (MS) and diesel (HSD) touched record highs of 4.522 MMT and 10.866 MMT, respectively.

Gas and Petrochemicals Business Improves

Natural gas sales increased 11 per cent year-on-year to 1.873 MMT from 1.685 MMT, while the petrochemicals business reported an improvement in profitability, supported by higher sales of products such as LAB, BA, PTA and butadiene. Gas segment profit also increased significantly during the quarter. (ANI)

(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)