Indian Oil Corporation, the nation’s largest oil firm, reported a 67 per cent jump in its March quarter net profit on the back of a recovery in fuel marketing margins and better refining margins.
Standalone net profit was at Rs 10,058.69 crore in January-March compared with Rs 6,021.88 crore, in the same period a year back, according to a company’s stock exchange filing.
IOC chairman S.M. Vaidya, said, “IndianOil sold 95.714 million tonnes of products, including exports, during FY 2022-23.
“Our refining throughput for FY 2022-23 was 72.408 million tonnes and the throughput of the corporation’s countrywide pipelines network was 97.382 million tonnes during the year.”
IOC earned $19.52 on turning every barrel of crude oil into fuel in FY23 as against $11.25 per barrel gross refining margin a year back. The core GRM after offsetting inventory loss/gain was $20.14 per barrel.
BoB net leaps 168%
State-owned Bank of Baroda on Tuesday reported a 168 per cent jump in its March quarter net profit at Rs 4,775 crore, helped by decline in money set aside for loan losses.
The lender’s net profit for the full financial year 2022-23 also nearly doubled to Rs 14,110 crore.
In the reporting quarter, it’s core net interest income grew 33.8 per cent to Rs 11,525 crore, aided by a growth in advances of nearly 19 per cent and an expansion in the net interest margin (NIM) to 3.53 per cent as against 3.07 per cent in the year-ago period.
Indian state-owned lender Bank of Baroda’s MD & CEO on Tuesday said that a provisioning of Rs 500 cr was made by the bank against its exposure towards cash-strapped airline Go First.
