The state-run oil refiner Indian Oil Corporation (IOC) said that its standalone net profit nearly doubled to Rs 7,883.22 crore for the quarter ended 31 December 2017 with the GRM spiking to $8.28 per bbl. The board of IOC has recommended a dividend of Rs 19 and bonus in ratio of 1:1.
The state-run oil refiner Indian Oil Corporation (IOC) reported a jump of 97% in the standalone net profit to Rs 7,883.22 crore for the quarter ended 31 December 2017 with the GRM (gross refining margins) spiking to $8.28 per bbl for the nine-month period from April to December 2017. The PSU giant had posted a profit of Rs 3,994.91 crore in the October-December quarter of the financial year 2016-2017. Sequentially, a rise of 113.27% was seen in the standalone net profit from Rs 3,696.29 crore in the second-quarter for the financial year 2017-2018. Indian Oil Corporation has also announced an interim dividend of Rs 19 per share. “Board of Indian Oil has declared an interim dividend of Rs 19 per share of Rs 10 each (i.e.@ 190 % on the paid up equity share capital) for the financial year 2017-18,” Indian Oil Corporation said in an exchange filing.
Indian Oil reported a rise of 13.55% in the total income to Rs 1,32,218.54 crore in the October-December period of the financial year 2017-2018 as compared to Rs 1,16,437.83 crore. The average GRM saw an increase of 12.5% to $8.28 per bbl in the April-December period from $7.36 per bbl in the corresponding stretch a year earlier. Indian Oil Corporation also announced a bonus issue in the ratio of 1:1. “The board of directors of the company at its meeting held on January 30, 2017, inter alia, has recommended issue of bonus shares in the ratio of 1:1 i.e. 1 (One) new equity bonus share of Rs 10 each for every 1 (One) existing equity share of Rs 10 each fully paid up subject to the approval of the shareholders,” Indian Oil said further.
The EPS (earnings per share) of the company jumped to Rs 16.63 in the fiscal third-quarter from Rs 8.43 in the same quarter previous year. While the net profit for the span of nine-months saw a marginal rise to Rs 16,128.02 crore from Rs 15,385.78 crore. Following the stellar Q3 earnings, shares of Indian Oil Corporation advanced as much as 5.81% to Rs 421.95. The stock of Indian Oil Corporation opened up 1.56% at Rs 405 on BSE. “The company has accounted a budgetary support of Rs 2,249.92 crore in April-December 2017 (April-December 2016: Rs 3,879.73 crore) as revenue grants on sale of SKO (PDS) and included in revenue from operations and no under-realisation is suffered by the company on this account,” Indian Oil added.