IOC net profit falls 81% to Rs2643cr on drop in marketing margins

Gross refining margin decreased to $6.39 from $8.34 per barrel

MUMBAI: India’s largest refiner, Indian Oil Corporation (IOC), reported a nearly 81 per cent decline in first-quarter profit for the 2025 fiscal year on Tuesday, attributing the drop to lower marketing margins.

The state-owned company’s standalone net profit fell to Rs 2,643 crore (approximately $316 million) for the quarter ending June 30.

IOC’s average gross refining margin—the profit from refining one barrel of oil—decreased to $6.39 per barrel from $8.34 per barrel in the same period last year. Despite strong fuel consumption driven by robust industrial activity and election-related activities in Asia’s third-largest economy, the higher prices of crude oil, a critical raw material for refiners, posed a significant challenge.

Rival state-owned refiners such as Hindustan Petroleum and Bharat Petroleum also reported declines in their bottom lines for the quarter due to lower refining margins. India, being the world’s third-largest oil importer and consumer, sees Indian Oil and its subsidiary Chennai Petroleum controlling about one-third of the country’s five million-barrels-per-day refining capacity.

HPCL profit plunges 91% to Rs633cr

Hindustan Petroleum Corporation Ltd (HPCL) reported a consolidated net profit of Rs633.94 crore for Q1FY25, a dramatic 90.6 per cent decline from Rs6,765.50 crore in the same period last year.

Sequentially, net profit fell 76 per cent from Rs2,709.31 crore in the March quarter. Total income remained flat at Rs1.21 lakh crore.

The average gross refining margin (GRM) was $5.03 per barrel, down from $7.44 last year. Throughput increased to 5.76 million metric tonnes (MMT) from 5.40 MMT, while domestic sales rose to 12.07 MMT from 11.43 MMT.

Exports were 0.56 MMT. HPCL invested Rs2,017 crore in enhancing refining and marketing infrastructure, and commissioned 126 retail outlets and nine new LPG distributorships.

ACC profit down 23% to Rs361 crore

ACC, a part of the Adani Group, reported a consolidated profit after tax of Rs361 crore for Q1FY25, down 22.5 per cent from ₹466 crore. Revenue from operations fell to ₹5,154.89 crore from ₹5,201.11 crore. Q1 operating EBITDA was ₹679 crore, with a margin of 13.2%. Operating costs improved by 7% year-on-year. The company’s cash and cash equivalents stood at ₹2,747 crore.

Indian Bank profit jumps 41% to Rs2,403.42cr

Indian Bank reported a 40.6 per cent year-on-year increase in net profit to Rs2,403.42 crore for Q1FY25, up 7 per cent sequentially.

The net NPA ratio improved to 0.39 per cent from 0.43 per cent QoQ and 0.70 per cent YoY. Net NPA stood at Rs2,026.59 crore, down from Rs2,222.58 crore QoQ and Rs3,197.55 crore YoY.

Total deposits increased by 10 per cent YoY to Rs6.81 lakh crore, with the domestic CASA ratio at 41per cent. The capital adequacy ratio improved by 69 basis points to 16.47 per cent. Gross advances grew 12 per cent YoY to ₹5.40 lakh crore. New RBI guidelines on investments contributed an additional ₹157.36 crore in income.

Colgate-Palmolive India profit up 33% to Rs364cr

Colgate-Palmolive India reported a consolidated net profit of Rs364 crore for the June quarter of FY25, a 33 per cent increase from Rs273.68 crore in the same period last year.

Net sales rose 13 per cent to Rs1,485.8 crore from Rs1,314.7 crore, with rural market demand outpacing urban growth for the second consecutive quarter.

Domestic revenues grew 12.8 per cent year-on-year, driven by sales of toothpaste, toothbrushes, and personal care products. Despite a 10% increase in advertising spend, EBITDA margins remained consistent.

Tata Consumer Products rises to Rs335cr

Tata Consumer Products is set to announce its Q1FY25 earnings on July 30, with anticipated revenues of Rs4,293 crore, reflecting a 14 per cent year-on-year increase.

Net profit is expected to be Rs335 crore, up 4 per cent year-on-year. The domestic tea, salts, and NourishCo products are projected to outperform, while the India Foods segment is expected to grow 13 per cent YoY with a 9 per cent volume increase.

The international business is anticipated to grow 11 per cent YoY, supported by stable volumes and pricing. Analysts will focus on demand trends in metro areas and tier-3 towns, as well as the impact of tea and coffee prices and raw material costs on margins.

Pfizer net profit surges 61% to Rs151cr

Pfizer reported a 61.2 per cent year-on-year increase in net profit to Rs150.7 crore for Q1FY25, up from Rs94 crore.

Revenue from operations grew 5.9 per cent to Rs563 crore from Rs531.4 crore. EBITDA surged 60.2 per cent to Rs177.5 crore from Rs110.8 crore, with an EBITDA margin rising to 31.5 per cent from 20.9 per cent.

Jindal Saw PAT increases 67% to Rs441cr

Jindal Saw reported a 66.7 per cent year-on-year increase in net profit to Rs441.1 crore for Q1FY25, up from Rs265 crore. Revenue from operations rose 12 per cent to Rs4,939 crore from Rs4,410 crore.

EBITDA increased by 38.2 per cent to Rs839.6 crore from Rs607.7 crore, with the EBITDA margin improving to 17 per cent from 13.8 per cent. The company’s current order book stands at Rs165 crore, up from Rs153 crore, driven by strong demand in the water sector. The order book for the south division is at 245,000 MT.

Nerolac Paints profit drops 69% to Rs231cr

Kansai Nerolac Paints saw a 69 per cent year-on-year drop in net profit to Rs231 crore for Q1FY25, down from Rs738 crore.

Revenue from operations decreased 11 per cent to Rs2,133 crore from Rs2,157 crore. EBITDA fell 0.7 per cent to Rs329.5 crore, with the EBITDA margin steady at 15.4 per cent.

While automotive coatings demand remained strong, decorative and performance coatings faced subdued demand. The company also appointed Hirokazu Kotera as a full-time director.

Bharat Electronics profit jumps 46% to Rs776cr

Bharat Electronics reported a 46.1 per cent increase in net profit to Rs776 crore for Q1FY25. Revenue grew 19.6 per cent to Rs4,199 crore. EBITDA rose 41 per cent to Rs937 crore, with the EBITDA margin improving to 22.3 per cent from 19 per cent.

KEI Industries net up 24% to Rs150cr

KEI Industries reported a 23.8 per cent year-on-year increase in net profit to Rs150.2 crore for Q1FY25.

Revenue increased 15.7 per cent to Rs2,060.4 crore. EBITDA grew 21.8 per cent to Rs214.4 crore, with an EBITDA margin of 10.4 per cent.

Domestic institutional wire and cable sales amounted to Rs574 crore, while EHV cable sales were Rs79 crore. Total institutional cable and wire sales contributed 38.97 per cent. The pending order book is approximately Rs3,590 crore.