IOCL reported net profits of Rs.1911, which was almost 47% lower on a YOY basis and this was largely on account of weak sales and also weak refining margins in the quarter. Negative inventory translation also hit profits. However, on a sequential basis, the numbers were better than the Rs.5185 crore loss posted in the Mar-20 quarter.

Revenues from operations were nearly 41% lower at Rs.88,936 crore. EBITDA margin for the quarter stood at 8.8%. The GRM at $4.27/bbl was still low but better than consensus estimates of $3/bbl.