IOC Q4FY24 standalone net profit falls 52% to Rs 4,838 cr
New Delhi: Public sector undertaking Indian Oil Corporation (IOC) reported a standalone net profit of Rs 4,838 crore, a decline of 52% for the quarter ending in March.
This marks a notable decrease from the Rs 10,059 crore profit reported during the same period last year.
Furthermore, the company's revenue from operations experienced a 3% downturn, totalling Rs 2.19 lakh crore for the fourth quarter, in contrast to Rs 2.26 lakh crore recorded in the previous year's quarter.
The Board has proposed a final dividend of Rs 7 per share for the fiscal year 2023-24, equating to 70% per equity share with a face value of Rs 10 each.
This final dividend will be disbursed within 30 days from its declaration at the Annual General Meeting (AGM), with the record date for payment to be communicated in the future.
Sequentially, net profit exhibited a 40% decline from the preceding September quarter, standing at Rs 8,063 crore. Revenues also experienced a 1% quarter-on-quarter (QoQ) decrease.
During the quarter under review, other income saw a modest 1% year-on-year (YoY) increase, reaching Rs 1,657 crore compared to Rs 1,638 crore in the corresponding period of the previous year.
The company reported an EBITDA of Rs 10,435 crore for the fourth quarter, with margins recorded at 5.3%.
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