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.

Related News

Private Cargo Train arrives in Birgunj for the first time

Kathmandu, Sept. 15: A cargo train of the private sector has arrived in Nepal from India on Wednesday for the first time. The cargo train arrived in Birgunj this morning after 17 years of operations of the Nepal-India rail service. The one-rack cargo train of Hind Terminal Pvt Ltd arrived at…

India announces $200 million line of credit for Kyrgyzstan

Bishkek, Oct. 11: India on Monday agreed to provide a USD 200-million line of credit support for development projects in Kyrgyzstan, as Indian External Affairs Minister S Jaishankar held "constructive" talks with the top Kyrgyz leadership to boost bilateral ties, including defence cooperation and discussed global issues like Afghanistan. Jaishankar,…

Sri Lanka seeks USD 500 million loan from India for fuel purchase

Colombo, Oct. 17: Sri Lanka has sought a USD 500 million credit line from India to pay for its crude oil purchases amid a severe foreign exchange crisis in the island nation. The move came few days after energy minister Udaya Gammanpila warned that the current availability of fuel in…

Singapore economy seen slowing next year after 7% expansion in 2021

Singapore, Nov. 24:  Singapore’s economy is expected to grow about 7% in 2021, at the top of the official forecast range, and will expand at a slower pace next year as an uneven recovery continues across sectors, the government said on Wednesday. Gross domestic product (GDP) grew 7.1% year-on-year in…

Convert initiatives into fintech revolution: Indian PM toasts e-infra

New Delhi, Dec. 4: Terming financial inclusion as the driver of fintech revolution, Indian Prime Minister Narendra Modi on Friday said the fintech industry in the country is innovating to increase access to finance and the formal credit system to every person in the country and now is the time to…

Indian PM Modi: Best time to invest in India, multilateral institutions need reforms

New Delhi, Jan. 18: Citing various reform measures taken by the Government, such as the removal of retrospective taxation, reduction in compliance requirements and simplification of the corporate tax rate structure, Indian Prime Ministee Narendra Modi Monday made a strong pitch for India as an investment destination and said this is “the…


Find Us on Facebook

From Social

Kathmandu, Nov. 24: The joint training exercise "SURYA KIRAN-XVII" of Nepali Army and Indian Army is starting from 24 November 2023 in Pithoragarh, India. The Nepalese army team that will participate in the exercise, which will be attended by the…

Nepal-India Joint Military Training Excerise Surya Kiran Begin Today    

New Delhi, May 5: Indian Prime Minister Narendra Modi will be the guest of honour for this year’s Bastille Day Parade in Paris scheduled to take place on July 14.  In a statement, the Ministry of External Affairs (MEA) of…

Indian PM Modi to attend Bastille Day Parade in Paris as guest of honour on July 14