New Delhi: Indian Oil Corporation (IOC) reported a significant increase in its fiscal fourth-quarter profit, reaching Rs 10,289.82 crore, which is a 54.8 percent rise compared to the same quarter of the previous year when it stood at Rs 6,645.72 crore. The company’s revenue from operations for the fourth quarter of FY22 amounted to Rs 2.31 lakh crore, reflecting a growth of 10.4 percent from Rs 2.09 lakh crore in the corresponding period last year.
IOC’s Board of Directors also recommended a final dividend of 30 percent for the fiscal year 2022-23, equating to Rs 3 per equity share with a face value of Rs 10 each on the paid-up share capital. This dividend will be disbursed within 30 days from the date of declaration at the Annual General Meeting (AGM). The specific record date for the payment of the final dividend will be determined and communicated in due course, as stated in the company’s regulatory filing.
Although total expenses for the quarter ended in March exhibited an increase of approximately Rs 22,000 crore, with expenses rising by Rs 18,000 crore compared to the previous year, the remaining Rs 4,000 crore primarily contributed to the growth in the company’s net profit.
In terms of segment performance, IOC’s petroleum products generated revenue amounting to Rs 2.20 lakh crore, while the petrochemicals business achieved revenue of Rs 6,281.66 crore.