Refiner Indian Oil has reported a mixed picture of increased revenues but lower profits in its financial performance for Q3 of the financial year 2024–25.

The company's revenue from operations rose by 11% to Rs2.16trn ($25bn) in Q3, up from Rs1.95trn in the previous quarter.

However, net profit for the nine months ending 31 December 2024 was Rs56.9bn, significantly lower than the Rs347.8bn reported in the same period last year, primarily due to inventory losses and reduced refining margins in line with international trends, as well as increased exchange losses.

During the nine-month period, Indian Oil's revenue from operations amounted to Rs6.27trn, a decrease from Rs6.46trn in the corresponding period of the previous financial year.

Indian Oil's total product sales including exports reached 74.35 million tonnes (mt) in the nine months of 2024–25, a 3% increase over the same period last year.

The company's refining throughput stood at 53.02mt and its pipelines network throughput was 74.7mt. However, the gross refining margin (GRM) for April to December 2024 was just $3.69 per barrel (bbl), a contrast to $13.26/bbl the previous year.

For Q3 alone, Indian Oil achieved its highest-ever quarterly sales volumes at 26.13mt, a 14% increase from the previous quarter.

The company saw an increase in sales volume of petroleum products of 13%, petrochemical products by 17% and gas sales by 11%. The refining throughput for the quarter was 18.11mt, an 8% increase, and pipeline network throughput was 24.9mt, up by 4%.