IOC Q4 net profit drops 31%; board recommends 1:2 bonus issue of shares
Indian Oil Corporation (IOC) on Tuesday reported a 31.4 per cent drop in the fourth quarter net profit on a margin squeeze in petrochemicals and losses on auto fuel sales.
Standalone net profit of Rs 6,021.88 crore, or Rs 6.56 a share, in January-March, compared with Rs 8,781.30 crore, or Rs 9.56 per share, in the same period a year back, the company said in a stock exchange filing.
Sequentially, the profit was higher than Rs 5,860.80 crore in the previous quarter.
With oil prices surging, revenue from operations rose to Rs 2.06 lakh crore in the final quarter of this fiscal year ending March 31 from Rs 1.63 lakh crore a year back.
IOC and other public sector oil companies held petrol and diesel prices for a record duration despite a surge in the cost of raw materials (crude oil). They started raising prices only on March 22.
Pre-tax earnings from the sale of petroleum products fell 8 per cent to Rs 8,251.29 crore while the same from the petrochemicals business was down 72 per cen