Indian Oil second quarter results live: profit increased by 379.29% year-on-year

Indian Oil’s second quarter results live broadcast: Indian Oil announced its second quarter results for fiscal year 2024, with profits increasing significantly by 379.29% year-on-year. Although revenue fell by 7.72% year-on-year, it still achieved substantial growth.

Indian Oil saw a more significant decline in revenue compared to the previous quarter, at 12.99%. However, the company’s profits showed resilience, growing 6.93% sequentially. This reflects the company’s ability to effectively manage costs even amid fluctuations in revenue.

The company’s selling, general and administrative expenses increased slightly by 2.16% month-on-month, but fell 3.9% year-on-year, indicating that the company has adopted a strict attitude towards spending. At the same time, operating income increased by 27.65% month-on-month and 402.64% year-on-year.

Second quarter earnings per share (EPS) was $12.4, a decrease of 47.38% compared with the same quarter last year. Despite overall profit growth, falling earnings per share could cause concern among investors.

Indian Oil has returned 3.37% over the past week, 16.77% over the past six months, and a whopping 99.76% year-to-date. This performance contributed to the current market capitalization $80,614.68 Crores.

Indian Oil shares on strong performance, hit 52-week high $767.9 and minimum $195.47. Analysts remain optimistic, with a consensus recommendation of “Buy” as of November 6, 2024. Of the 17 analysts covering the company, only one has a Strong Sell rating, while 10 rate it a Strong Buy.

As Indian Oil continues to adjust its financial landscape, investors will be closely watching how the company handles revenue fluctuations while maintaining healthy margins in the coming quarters.