IOC net doubles; board suggests 1:1 bonus share

The board declared an interim dividend of Rs 19 a share.

State-run Indian Oil Corp (IOC) on Tuesday reported a doubling of its profit to Rs 7,883 crore for the third quarter of FY18, against Rs 3,995 crore in the comparable period a year ago. The increase in profit was mainly due to a better gross refinery margin (GRM) at $12.32 per barrel compared with $7.67 during the same quarter last year.

The oil marketing company made an inventory gain of Rs 6,301 crore during the October-December 2017 period compared with Rs 3,051 crore a year ago. Excluding inventory gain, GRM was $7.42 during the third quarter of FY18, compared with $5.10 in the same period in the last financial year.

Revenue during the quarter under review was at Rs 1,30,865 crore compared with `1,15,630 crore, a rise of 15 per cent, during the third quarter of FY17.

The board of directors declared an interim dividend of Rs 19 a share and also recommended one bonus share for each existing share of the firm, subject to approval by the members of the firm. FE