IOC Shares Fall Over 2% Even After Q1 Results Beat Street Estimates; Buy, Sell Or Hold? - News18
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Last Updated: July 31, 2023, 11:26 IST IOC Share Price: State-run oil refiner Indian Oil Corporation (IOC) shares fell over 2 per cent on Monday after the company reported its Q1 results. IOC share price fell as much as 2.38 per cent to Rs 93.01 apiece on the BSE. IOC reported a 37 per cent rise in its net profit in the April-June quarter, which stood at Rs 13,750.44 crore in contrast to Rs 10,058.69 crore in the previous quarter. Its consolidated net profit stood at Rs 14,735 crore in the first quarter of FY2023-24. The state-run company had reported a net loss of Rs 883 crore in the same period in FY23 on the back of high international crude oil prices. IOC’s revenue from operations in the June quarter decreased by 12 per cent to Rs 2.25 lakh crore as against Rs 2.55 lakh crore in the year-ago period. Its revenue from operations in Q1 FY24 declined 2.36 per cent to Rs 1.98 lakh crore from Rs 2.02 lakh crore in Q4 FY23. Operational performance during the quarter improved