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Indian Oil Corporation reported a 31.4% decline in its profits for the quarter that ended March 2022. The government-owned company reported a net profit of Rs 6,022 crore this quarter against Rs 8,781 crore for the corresponding quarter last year. However, profit was 2.7% higher QoQ.
The company's revenue from operations rose 25.6% YoY to Rs 206,461 crore in this quarter. However, the company's cost of materials consumed saw a sharp rise of 64.1% as it reached Rs 90,401.52 crores. The company's sales volume for the quarter came in at 23.31 million tonnes.
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For the period of 12 months ended on 31st March 2022, the company reported a profit of Rs 24,184.10 crores, up 10.75% YoY. It also reported yearly revenue of Rs 7.36 lakh crore. This is said to be the highest revenue made by any Indian company in a year. Reliance Industries had reported a revenue figure of Rs 7.92 lakh crore, but it included GST collected on behalf of the government. These annual figures are the highest ever posted by the company.
"This year, IndianOil has notched up the highest ever revenue from operations and as well as highest ever net profit. This stellar achievement reflects our resolve to set new benchmarks of excellence even in the face of stiff challenges. This also validates our sustained focus on fuelling the socio-economic aspirations of new India," IOCL chairman S.M. Vaidya said.
The Board of IOCL has announced a bonus issue in the ratio of 1:2 i.e. one share will be allotted for every two shares held. Moreover, the Board has also recommended a final dividend of Rs 3.60 per share. The dividend shall be paid within 30 days of the declaration at the AGM and the record date for the same will be set at a later date.
The stock of IOC has been falling since 22nd April 2022. It has declined 12.73% in the past 3 weeks and the day its results were announced, the stock declined a sharp 5.10%. Today, the stock closed at Rs 117.25 per share.
Article by Aman Agarwal.
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