Mumbai: State-owned refiner Indian Oil Corp Ltd reported a jump in its standalone net profit for the quarter ended March 2023, with a year-on-year growth of 67 percent to Rs 10,059 crore compared to the net profit of Rs 6,021 crore recorded in the same period last year.
The oil marketing company also witnessed a nearly 10 percent year-on-year surge in revenue from operations, amounting to Rs 2.26 lakh crore.
Indian Oil highlighted that the average gross refining margin (GRM) for April-March 2023 was $19.52 per barrel, a notable improvement from the previous year's $11.25 per barrel during the same period.
However, the enhanced GRM was partly offset by the lower marketing margins of certain petroleum products.
Indian Oil faced challenges regarding under-recoveries from the sale of domestic LPG since FY22. To address this, the Union government approved a one-time grant of Rs 10,801 crore, which has been included as revenue from operations in FY23 for Indian Oil.
The board of directors of the company has proposed a final dividend of approximately Rs 3 per equity share for the fiscal year 2022-2023. However, the dividend is subject to approval by the company's shareholders.
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