IndianOil Corporation’s net profit drops in Q4 of FY 22

IndianOil Corporation’s net profit drops in Q4 of FY 22

New Delhi: IndianOil Corporation (IOC) on Tuesday reported drop in its Q4 net profit compared to corresponding quarter of previous financial year due to lower petrochemical margins and exchange losses incurred during current quarter.

The Net Profit for the fourth quarter of FY 2021-22 was Rs 6,022 crore as compared to Rs 8,781 crore in the corresponding quarter of previous financial year, a statement from the company said.

However, the revenue from operations stood at Rs 2,06,461 crores in Q4 2021-22 as compared to Rs 1,63,733 crores in the corresponding quarter of previous financial year.

The company’s revenue from operations was Rs 7,28,460 crore for FY 2021-22 as compared to Rs 5,14,890 crore in previous financial year.

The Net Profit for current financial year was Rs 24,184 crore as compared to Rs 21,836 crore during previous financial year mainly on account of higher refining margins and higher inventory gain during current period.

Commenting the performance of the Corporation, Chairman, IndianOil, S M Vaidya said “This year, IndianOil has notched up the highest ever Revenue from Operations and as well as highest ever Net Profit. This stellar achievement reflects our resolve to set new benchmarks of excellence even in the face of stiff challenges. This also validates our sustained focus on fuelling the socio-economic aspirations of new India.”

The Board of Directors recommended issue of bonus equity shares in the ratio of one equity share of Rs 10 each for every two equity shares of Rs 10 each held, subject to approval by the members of the Company.

The bonus shares, upon approval, will also be eligible for the final dividend.

The Board of Directors in this meeting also recommended the final dividend of Rs 3.60 per equity share having face value of Rs 10 (pre-bonus), which translates into final dividend of Rs 2.40 per equity share having face value of Rs 10 (post-bonus) for FY 2021-22, subject to approval by the members of the company.
UNI

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