New Delhi [India], October 30 (ANI): Indian Oil Corporation (IndianOil) returned to profitability in the July-September quarter (Q2 FY27), reporting a standalone net profit of Rs 21,630 crore, compared with a loss of Rs 2,661 crore in the preceding April-June quarter, according to its stock exchange filing on Friday.

The company's net profit nearly tripled from Rs 7,610 crore recorded in the corresponding quarter of the previous financial year.

Revenue from operations declined 4.7 per cent sequentially to Rs 2.62 lakh crore from Rs 2.8 lakh crore in the June quarter. 

Explaining the improvement in earnings, IndianOil said in its official press release, 'The current quarter's profitability was largely driven by a temporary decline in crude oil prices from mid-June to mid-August and robust margins from Petrochemical & Gas.'

The company's profit before tax rose to Rs 26,616.62 crore during the September quarter, compared with a loss of Rs 3,274.30 crore in the preceding quarter.

For the first half of FY27, IndianOil reported a net profit of Rs 18,969 crore, compared with Rs 13,299 crore in the corresponding period last year, marking an increase of about 43 per cent.

'Net Profit of H1 26-27 is Rs 18,969 crore, as compared to Rs 13,299 crore in H1 25-26, increased by Rs 5,670 crore,' the company said.

IndianOil also reported record operational performance during the first half of the financial year.

According to the company's press release, refinery crude throughput reached an all-time first-half high of 37.273 million metric tonnes (MMT), compared with 36.292 MMT in the corresponding period last year, with capacity utilisation of 105.8 per cent.

Pipeline throughput increased 7 per cent to 53.896 MMT, while total sales volumes rose 2 per cent to a record 51.439 MMT.

The company's domestic market share also increased to 42.7 per cent from 41.5 per cent a year earlier.

IndianOil, however, cautioned that profitability in the coming quarters could face pressure from fluctuations in crude oil prices.

'However, profitability in upcoming quarters may be adversely impacted by inventory losses due to a potential fall in crude oil prices with normalisation of the situation in the Middle East,' the company said. (ANI)