IOC Q4 Profit Jumps 52% YoY To Rs 10,841 Cr

Indian Oil (IOC), a public sector oil and gas company reported a 52 per cent growth in its consolidated net profit at Rs 10,841 crore from Rs 7,089 crore in the year-ago period for the quarter that ended in March.

The company’s revenue operations jumped 10 per cent Year-on-Year to Rs 2.30 lakh crore in the March quarter in comparison to Rs 2.09 lakh crore in the corresponding quarter of last year.

In a filing, IOC said the board recommended a final dividend of 30 per cent for the FY 2022-2023, which is Rs 3 per equity share of face value of Rs 10 each. The said dividend payment is subject to shareholders’ approval at the annual general meeting (AGM), it added.

The dividend payments will be within 30 days from the date of the declaration at the AGM and the recorded payment date of the final dividend would be fixed and intimated in due course.

The segment-wise revenue of the oil and gas public sector in Q4 from petroleum products was up by 11 per cent to Rs 2,20,428.74 from Rs 1,99,161.55 reported a year ago. While the sales from the petrochemicals business declined by 27 per cent to Rs 6,282 crore for the March end quarter in comparison to Rs 8,009 crore in the March quarter last year.

The company further reported, other business activities revenue that increased by 21 per cent to Rs 8,798 crore for the quarter under review against Rs 7,253 crore in the same quarter last year. 

On a sequential basis, net profit doubled from Rs 890 crore recorded in the December quarter.