Indian Oil Company Internet Drops 31.4% In This fall; Report Revenue In 2021-22

Sequentially, IOC’s revenue was greater than Rs 5,860.80 crore within the earlier quarter.

New Delhi:

Indian Oil Company (IOC) on Tuesday reported a 31.4 per cent drop within the fourth quarter internet revenue on a margin squeeze in petrochemicals and losses on auto gasoline gross sales.

Standalone internet revenue of Rs 6,021.88 crore, or Rs 6.56 a share, in January-March, in contrast with Rs 8,781.30 crore, or Rs 9.56 per share, in the identical interval a yr again, the corporate stated in a inventory trade submitting.

Sequentially, the revenue was greater than Rs 5,860.80 crore within the earlier quarter.

With oil costs surging, income from operations rose to Rs 2.06 lakh crore within the last quarter of this fiscal yr ending March 31 from Rs 1.63 lakh crore a yr again.

IOC and different public sector oil corporations held petrol and diesel costs for a file period regardless of a surge in the price of uncooked supplies (crude oil). They began elevating costs solely on March 22.

Pre-tax earnings from the sale of petroleum merchandise fell 8 per cent to Rs 8,251.29 crore whereas the identical from the petrochemicals enterprise was down 72 per cent to Rs 570.18 crore.

The Board of the corporate beneficial the problem of bonus shares within the ratio of 1:2 — one new bonus fairness share of Rs 10 every for each two present fairness shares.

It additionally declared a last dividend of Rs 3.60 per fairness share (pre-bonus), which interprets right into a last dividend of Rs 2.40 per fairness post-bonus for the monetary yr 2021-22.

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The ultimate dividend is along with the interim dividend of Rs 9.00 per share (pre-bonus) paid earlier.

For the total fiscal (April 2021 to March 2022), the corporate posted a file Rs 30,443.93 crore internet revenue, a rise of 15 per cent over the earlier monetary yr.

The surge got here on the again of an increase in refining margins. The agency earned $11.22 on turning each barrel of crude oil into gasoline within the fiscal as in comparison with a gross refining margin of $5.64 within the earlier yr.

The core GRM or the present worth GRM for the yr 2021-22 after offsetting stock positive factors got here to $7.61 per barrel, it stated.

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