Indian Oil Corporation in Q4 of FY24 reported a fall of 52% on year in its net profit standing at Rs 4,837.69 crore Vs Rs 10,058.69 crore it posted in the same period a year ago.
The oil marketing major’s revenue from operations stood at Rs 2.20 lakh crore for the quarter ending March of FY24, down 3% year-over-year in comparison to Rs 2.26 lakh crore it posted in the last quarter of the previous year.
The board of IOC has declared a final dividend of Rs 7 per equity share, subject to shareholders’ approval. “The final dividend would be paid within 30 days from the date of declaration at the AGM. The record date for payment of final dividend would be fixed and intimated in due course,” said the company in an exchange filing.
Average Gross Refining Margin (GRM) for the year April-March 2024 stands at $12.05 per barrel (April- March 2023: $19.52
per barrel). The core GRM or the current price GRM for the year April – March 2024 after offsetting inventory loss/ gain
comes to $11.44 per barrel.
Sequentially
Indian Oil Corporation’s net profit declined 40% quarter-on-quarter from Rs 8,063.39 crore it reported in the quarter ending December of FY24. Its revenue from operations was down 1.4% from Rs 2,23,012.37 crore in the previous quarter of the current financial year.