State-owned Indian Oil Corporation Ltd (IOC) on Monday reported a massive 98.6 per cent drop in net profit in the September quarter, as refinery margins fell and marketing margins shrank.

The company posted a standalone net profit of ₹180.01 crore in the July-September period compared with a profit of ₹12,967.32 crore a year back, according to a stock exchange filing by the company.

The profit also declined sequentially compared with an earning of ₹2,643.18 crore in the April-June period.

While refinery margins fell, the company also booked under-recoveries on selling domestic cooking gas LPG at government-controlled cost, which was lower than the cost.

For the six months ended September 30, IOC had an under-recovery on LPG of ₹8,870.11 crore.

The refiner earned $4.08 on turning crude oil into fuels like petrol and diesel compared with gross refining margin of $13.12 per barrel last year.

Pre-tax earnings from downstream fuel retailing businesses slumped to just ₹10.03 crore from ₹17,7555.95 crore in July-September 2023.

Revenue from operations dropped to ₹1.95 lakh crore from ₹2.02 lakh crore a year back as international oil prices softened.

Adani Power

Adani Power on Monday reported a 50 per cent decline in its consolidated net profit to ₹3,297.52 crore in the September quarter compared with
a year ago, mainly due to
lower income as well as higher taxes.

The company had posted a consolidated net profit of ₹6,594.17 crore in the quarter ended September 2023.

Sun Pharma

Sun Pharmaceutical Industries on Monday reported a 28 per cent year-on-year increase in its consolidated net profit to ₹3,040 crore in the September quarter led by robust sales across markets, including India and the US.

The drug major had posted a net profit of ₹2,375 crore in the July-September quarter of the last fiscal.

Total income rose to ₹13,645 crore in the second quarter compared with ₹12,486 crore in the year-ago period, the Mumbai-based drug major said in a regulatory filing.

JSW Infrastructure

JSW Infrastructure on Monday reported around 40 per cent rise in consolidated net profit to ₹373.73 crore in the September quarter, aided by higher income.

Its net profit for the period was ₹266.87 crore in the July-September period of the preceding 2023-24 fiscal, the company said in an exchange filing.

Total income rose to ₹1,088.19 crore against ₹895.48 crore in the year-ago period.

PTI