IndianOil returned to profit in the September quarter as crude prices fell and petrochemical and gas margins held strong, while several other Indian companies reported higher earnings and October vehicle activity.
Indian Oil Corporation (IndianOil) reported standalone net profit of ₹21,630.03 crore for the quarter ended Sept. 30, compared with a ₹2,661.37 crore loss in the previous quarter and profit of ₹7,610.45 crore a year earlier. The company linked its result to crude prices retreating from mid-June to mid-August and strong petrochemical and gas margins. It warned that further crude-price declines as conditions in the Middle East normalize could lead to inventory losses and weigh on future quarterly profitability.
IndianOil’s limited-review report said the company did not meet the required minimum number of independent directors, including a woman director, at any point during the period. It also noted that certain mandatory board committees had not been reconstituted after being discontinued March 28. The auditor’s conclusion was not modified.
Reliance Industries reported ₹25,548 crore in profit attributable to owners of the parent for the quarter, up from ₹18,165 crore a year earlier. Total consolidated profit after tax was ₹29,550 crore. Jio Platforms posted consolidated profit after tax of ₹8,387 crore, up 13.7%, while operating revenue rose 11.4% to ₹40,475 crore. It reported average monthly revenue per user of ₹218.8 and 542.4 million subscribers. The company said higher finance costs after 5G assets were capitalized in March partly offset profit growth. Jio completed its IPO and listed on Oct. 28.
Central Depository Services (India) Limited (CDSL) reported Q2 FY27 consolidated net profit of ₹173 crore, up 24%, and total income of ₹417 crore, up 22%. NTPC reported standalone net profit of ₹5,320 crore, up 14%, and consolidated net profit of ₹7,351 crore, up 40.68%. The company said profits at subsidiaries rose 73% to ₹1,990 crore.
Mahindra & Mahindra reported October vehicle sales of 131,109, including exports, up 9% from a year earlier. Domestic utility-vehicle sales rose 2% to 73,338. Dr. Velusamy R, the company’s president of Automotive Business, said the festive season and refreshed portfolio “kept demand strong” across SUVs, pick-ups and three-wheelers. Hero MotoCorp reported 734,403 dispatches, up 16% year over year, and listed 589,665 VAHAN registrations as of Nov. 1, excluding Telangana.
The Nifty 50 closed at 23,053.10 on Friday, Oct. 30, up 116.35 points, or 0.51%, according to the National Stock Exchange of India. ITC said its board was scheduled to meet Monday, Nov. 2, to consider unaudited results for the quarter and half year ended Sept. 30.
