Indian Oil profit more than halves to Rs 4,838 crore in March quarter

Indian Oil Q4 results: The Country’s largest state-run oil refining company, Indian Oil Corporation (IOC), on Tuesday reported a net profit of Rs 4,838 crore for the quarter ended March 2024. This is 52 per cent lower than the profit of Rs 10,059 crore posted during the same period last year. 

The revenue from the sales of products excluding excise duty came in at Rs 197,978.23 crore which is 3.25 per cent lower than the revenue recorded Rs 204,632.18 crore in the corresponding period last year. 

Gross Refining Margin (GRM), a key metric of oil refiners' profitability that indicates the refinery’s profit margin per barrel refined, for the IOC fell by 62 per cent to $12.05 per barrel from $19.52  recorded last year.

Refinery major’s board has announced a final dividend of Rs 7 per share which is subject to shareholder approval. The dividend announced is in addition to an interim dividend of Rs 5 per equity share paid during the year by the company.

Revenue for Petrochemicals segment marked a 9.97 per cent uptick to reach Rs 6,908.50 crore from Rs 6,281.66 crore recorded last year. 

In the board meeting, the company also secured the approval for the implementation of 1GW installed capacity of Renewal Energy (RE) projects at an estimated cost of Rs. 5,215 crore. The Board has also approved an investment of Rs. 1,303.75 crore as equity in the aforesaid proposed. 

The shares of the Indian Oil Corporation closed at Rs 168.95 apiece.