Indian Oil Corp Q4: Consolidated net profit increases 55% YoY, final dividend of Rs 3 per share declared

Indian Oil Corporation on May 16, 2023, released its March quarter numbers (Q4FY23). The company also said that its board has recommended a final dividend of 30 per cent for the year 2022-23 i.e. Rs 3 per equity share of the face value of Rs 10 each on the paid-up share capital, subject to the approval of the shareholders at the ensuing annual general meeting (AGM) of the company. 

On a standalone basis, the net profit of the company increased 67 per cent year-on-year (YoY) to Rs 10,058.69 crore against Rs 6,021.88 crore reported in the March 2022 quarter. Revenue from operations stood at Rs 2,26,492.05 crore, up 9.7 per cent against Rs 2,06,457.17 crore logged in the year-ago period. The average gross refining margin (GRM) for the year April- March 2023 is $19.52 per bbl (April- March 2022: $11.25 per bbl). The core GRM or the current price GRM for the year April -March 2023 after offsetting inventory loss/ gain comes to $20.14 per bbl. However, the suppressed marketing margins of certain petroleum products have offset the benefit of an increase in GRM, the company said in its earnings release.

On a consolidated basis, the net profit came in at Rs 10,289.82 crore, up 54.8 per cent against Rs 6,645.72 crore in March 2022 quarter. Revenue from operations stood at Rs 2,30, 711.56 crore, up 10.3 per cent against Rs 2,09,045.44 crore in the year-ago period. "The parent company is suffering under-recoveries from the sale of domestic LPG since the financial year 2021-22. To compensate for under-recoveries, the Government of India approved a one-time grant of Rs 10,801.00 crore and the same has been recorded under Revenue from Operations in financial results for the year April - March 2023," the earnings release added.

The stock of the company ended 3.31 per cent higher at Rs 87 apiece on the BSE.