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IOC Q4 results: Indian Oil witnesses 52% hike in net profits, declares dividend of Rs 3 per share

New Delhi: Indian Oil Corporation (IOC) on Tuesday recorded a hike by 52 per cent in its consolidated net profit to Rs 10,841.23 crore for the Q4FY23 in comparison to its net profit of Rs 7,089.18 crore in the same month a year back. The consolidated revenue from operations rose by 10 per cent at […]

Edited By : Prateek Gautam | Updated: May 18, 2023 02:04 IST
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Net profits of Indian Oil hiked by 52 per cent.

New Delhi: Indian Oil Corporation (IOC) on Tuesday recorded a hike by 52 per cent in its consolidated net profit to Rs 10,841.23 crore for the Q4FY23 in comparison to its net profit of Rs 7,089.18 crore in the same month a year back.

The consolidated revenue from operations rose by 10 per cent at Rs 2,30,711.56 crore in the quarter under review against Rs 2,09,045.44 crore a year back.

Upon gaining huge profits in the quarter march, the board of directors recommended a final dividend of 30 per cent for the year 2022-23. The dividend distributed will be Rs 3 per equity share with a face value of Rs 10 each.

The dividend was approved in a meeting by shareholders at the annual general meeting (AGM), said Indian Oil Corporation (IOCL) in its filing.

Transfer of Dividends

Dividends will be given to the shareholders within 30 days from the date of the declaration during AGM. However, the record date for the final payment of the dividend would be fixed in due course.

In terms of gains segment-wise, revenue generation from petroleum goods saw a hike by 11 per cent to Rs 2,220,428.74 in the fourth quarter compared to Rs 1,99,161.55 in the year-ago period. On the other hand, sales from the petrochemicals line decreased 27 per cent to Rs 6,282 crore for the March quarter, in comparison to Rs 8,009 crore in the same quarter a year back.

Revenue generation from other businesses rose by 21 per cent to Rs 8,798 crore for the quarter fourth, which was Rs 7,253 crore in the same month last year.

Consecutively, net profit climbed multifold from Rs 890 crore as reported in the December quarter.

As recorded on Tuesday, the firm’s scrip hiked by 3.79 per cent at Rs 87.40 on BSE.

First published on: May 17, 2023 01:01 PM IST

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