Shares of Indian Oil Corporation Limited (IOC) slipped nearly 4 percent in the early trade on May 18 after it reported a 31.4 per cent drop in the fourth quarter (Q4) net profit on a margin squeeze in petrochemicals and losses on auto fuel sales. The state-run oil marketing company reported revenue of Rs 2,06,461 crore during the quarter under review, as compared to Rs 1,63,733 crore logged in the corresponding quarter of the previous financial year.
Standalone net profit of Rs 6,021.88 crore, or Rs 6.56 a share, in January-March, compared with Rs 8,781.30 crore, or Rs 9.56 per share, in the same period a year back, the company said in a stock exchange filing.
Sequentially, the profit was higher than Rs 5,860.80 crore in the previous quarter.
For the fiscal April 2021 to March 2022, IOC posted the highest-ever revenue by any Indian corporate at Rs 7.28 lakh crore or USD 96 billion (standalone). Consolidated revenue, after including earnings of subsidiaries like CPCL, came at Rs 7.36 lakh crore.
The Board of the company recommended the issue of bonus shares in the ratio of 1:2 — one new bonus equity share of Rs 10 each for every two existing equity shares.
It also declared a final dividend of Rs 3.60 per equity share (pre-bonus), which translates into a final dividend of Rs 2.40 per equity post-bonus for the financial year 2021-22.
The final dividend is in addition to the interim dividend of Rs 9.00 per share (pre-bonus) paid earlier.
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 as well as highest ever net profit.”
“This stellar achievement reflects our resolve to set new benchmarks of excellence even in the face of stiff challenges. This also validates our sustained focus on fuelling the socio-economic aspirations of new India,” he said.
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