Indian Oil Corp’s profit rises after 5 quarters, jumps 52% to Rs 10,841 crore


New Delhi, May 16: Indian Oil Corporation on Tuesday reported 52 per cent jump in consolidated net profit to ₹10,841.23 crore for the quarter ended March 2023. This is against a net profit of ₹7,089.18 crore in the corresponding quarter last fiscal.

The consolidated revenue from operations rose by 10 per cent to ₹2,30,711.56 crore in the quarter under review from ₹2,09,045.44 crore in the year ago period.

According to the Indian Media, The Board has also recommended a final dividend of 30% for the year 2022-23, which is ₹3 per equity share of face value of ₹10 each. The said dividend payment is subject to the approval of the shareholders at the annual general meeting (AGM), said Indian Oil Corporation (IOCL) in its filing.

The dividend would be paid within 30 days from the date of the declaration at the AGM. The record date for payment of the final dividend would be fixed and intimated in due course.

Segment wise, revenue from petroleum products was up by 11 per cent to ₹2,20,428.74 during the fourth quarter from ₹1,99,161.55 reported a year ago. While, sales from the petrochemicals business declined 27 per cent cent to ₹6,282 crore for the quarter ended March, compared with ₹8009 crore in the March quarter of last year.

Revenue from the other business activities rose 21 per cent to ₹8,798 crore for the quarter under review. It was ₹7,253 crore in the same quarter last year.

On a sequential basis, net profit soared multifold from ₹890 crore recorded in the December quarter.

On Tuesday, the company's scrip was 3.79 per cent up at ₹87.40 on BSE.

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