Shares of Indian Oil Corporation Ltd (IOC) fell nearly 4 per cent in early trade on May 18 as net profit fell 31.4 per cent in the fourth quarter (Q4) due to a margin squeeze in petrochemicals and losses on auto fuel sales was recorded. The state-run oil marketing company reported revenue of Rs 2,06,461 crore during the quarter under review, as against Rs 1,63,733 crore in the corresponding quarter of the previous fiscal.
The company reported a standalone net profit of Rs 6,021.88 crore or Rs 6.56 per share in January-March compared to Rs 8,781.30 crore or Rs 9.56 per share in the year-ago period.
Sequentially, profit was up from Rs 5,860.80 crore in the previous quarter.
For the fiscal April 2021 to March 2022, IOC posted the highest revenue of Rs 7.28 lakh crore or USD 96 billion (standalone) by any Indian corporate. After including the income of subsidiaries like CPCL, the consolidated revenue stood at Rs 7.36 lakh crore.
It also declared a final dividend of Rs 3.60 per equity share (pre-bonus), which translates into a final prize of Rs 2.40 per equity post-bonus for 2021-22.
Reflecting on the stellar operational performance of the company, IOC chairman S M Vaidya said, “This year, IndianOil has notched up the highest ever revenue from operations and highest ever net profit.”
“This stellar achievement reflects our resolve to set new benchmarks of excellence even in stiff challenges. This also validates our sustained focus on fuelling the socio-economic aspirations of new India,” he said.