Indian Oil Corporation Shares Fall Over 3.5% As Net Profit Slips In Q4

Shares of Indian Oil Corporation (IOC) on Wednesday fell more than 3.5 per cent after it reported a 31.4 per cent drop in the fourth quarter (Q4) net profit on a margin squeeze in petrochemicals and losses on auto fuel sales.

Indian Oil Corporation Shares Fall Over 3.5% As Net Profit Slips In Q4

IOC posted a record Rs 30,443.93 crore net profit during the financial year 2021-22.

New Delhi:

Shares of Indian Oil Corporation (IOC) on Wednesday fell more than 3.5 per cent after it reported a 31.4 per cent drop in the fourth quarter (Q4) net profit on a margin squeeze in petrochemicals and losses on auto fuel sales.

IOC stock was down as much as 3.58 per cent at Rs 119.95 in early trade.

The company's net profit stood at Rs 6,021.88 crore, or Rs 6.56 a share, in the January-March quarter against Rs 8,781.30 crore, or Rs 9.56 per share, in the same period last year.

For the full fiscal (April 2021 to March 2022), IOC posted a record Rs 30,443.93 crore net profit, an increase of 15 per cent over the previous financial year.

The surge came on the back of a rise in refining margins. The firm earned $11.22 on turning every barrel of crude oil into fuel in the fiscal as compared to a gross refining margin of $5.64 in the previous year.

The IOC board also recommended the issue of bonus shares in the ratio of 1:2 -- one new bonus equity share of Rs 10 each for every two existing equity shares.

Further, it declared a final dividend of Rs 3.60 per equity share (pre-bonus), which translates into a dividend of Rs 2.40 per equity post-bonus for the financial year 2021-22 (FY22).

The final dividend is in addition to the interim dividend of Rs 9.00 per share (pre-bonus) paid earlier.

.