Indian Oil Q1 Results: Stock falls to the day’s low after numbers miss expectations

Shares of Indian Oil Corporation Ltd. (IOC) fell to the lows of the day on Thursday, August 14, in response to their June quarter results that were a miss when compared to analyst expectations.Net profit for the period fell 22% from last year to ₹5,689 crore, which was lower than the CNBC-TV18 poll of ₹7,374 crore.

Revenue for the quarter stood at ₹1.93 crore, higher than the CNBC-TV18 poll expectation of ₹1.8 lakh crore and 1% lower compared to the previous quarter.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter declined by 7% from the March quarter to ₹12,607 crore, which was lower than the ₹15,310 crore figure.EBITDA margin for the quarter fell to 6.53% from 7% last quarter, while the CNBC-TV18 poll had projected the figure to be 8.5%.

Gross Refining Margins, or the difference between the total value of petroleum products produced by a refinery and the cost of the crude oil used as raw material, stood at $2.15 per barrel, which is well below the previous quarter’s figure of $7.97 per barrel and lower than the CNBC-TV18 poll expectation of $7.1 per barrel.

Shares of Indian Oil Corporation are currently trading 1.3% lower after the results announcement at ₹140.64. The stock is down 6.5% in the last one month.