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

IOCL Q4 Results: On a quarterly basis, IOCL's consolidated profit jumped 1117 per cent from Rs 890.23 crore.

IOCL's board has recommended a final dividend of 30 per cent for the year 2022-23, which is Rs. 3 per equity share. (File image)

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Indian Oil Corporation Ltd (IOCL) on Tuesday reported a jump of 52 per cent in its consolidated net profit to Rs 10,841.23 crore year-on-year (YoY) in Q4FY23. In the same quarter last year, IOCL’s net profit stood at Rs 7,089.18 crore.

This was the oil refiner’s first rise in profit in five quarters, as crude priced eased, bolstered its refining margins, sending the firm’s shares to their highest in more than one year.

On a quarterly basis, IOCL’s consolidated profit jumped 1117 per cent from Rs 890.23 crore in the third quarter of FY23.

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The state-owned company’s revenue from operations in the period under review jumped 10 per cent to Rs 2,30,711.56 crore, from Rs 2,09,045.44 crore in the March quarter of FY22.

On a standalone basis, IOCL’s net profit in the March quarter jumped 67 per cent YoY to Rs 10,058.69 crore. Its net profit in the same quarter last year stood at Rs 6,021.88 crore.

IOCL’s standalone net profit on a quarterly basis jumped 2,145 per cent from Rs 448 crore in the third quarter of FY23.

The oil major’s revenue from operations rose by 9.70 per cent to Rs Rs 2,26,492.05 crore in the fourth quarter of fiscal 2023, from Rs 2,06,457.17 crore in Q4FY22.

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IOCL’s board has recommended a final dividend of 30 per cent for the year 2022-23, which is Rs. 3 per equity share of face value of Rs.10/- each on the paid-up share capital. The final dividend payout is subject to the approval of the shareholders at the annual general meeting (AGM).

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