State-run oil refiner Indian Oil Corporation (IOC) on Friday reported a standalone net profit of Rs 5,941.37 for the first quarter ended June 2021, recording a fall of 32.3 percent from Rs 8,781.3 crore in the previous quarter.

The company's revenue during Q1FY22 declined 4.1 percent to Rs 1.18 lakh crore from Rs 1/24 lakh crore, QoQ.

India's largest oil refiner earned $6.58 on turning every barrel of crude oil into fuel in the quarter as opposed to a gross refining margin (GRM) of a minimum of $1.98 a barrel a year back. After netting out inventory gain, the core GRM was $2.24 per barrel.

EBITDA decreased 17.6 percent to Rs 11,126 crore from Rs 13,501 crore, while EBITDA margin fell by 150 bps to 9.4 percent from 10.9 percent, QoQ.

IOC's net profit, EBITDA and EBITDA margin were ahead of CNBC-TV18 analysts' poll estimates, while revenue slightly missed the estimates.

At 2:55 pm, the shares of Indian Oil Corporation were trading 0.38 percent lower at Rs 103.50 apiece on the BSE.

First Published:Jul 30, 2021 3:21 PM IST