Indian Oil Corporation (IOC) on Tuesday reported a 40% drop in its standalone net profit at ₹4,837.69 crore for the fourth quarter of FY24. The state-owned oil marketing company posted a net profit of ₹8,063.39 in the previous quarter.
IOC’s Q4FY24 revenue from operations fell 1.4% to ₹2,19,875.55 crore from ₹2,23,012.37 crore, QoQ.
At the operating level, the company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) in Q4 decreased 33% to ₹10,435 crore from 15,488 crore, while EBITDA margins contracted by 250 basis points (bps) to 5.3% from 7.8%, QoQ.
Average Gross Refining Margin (GRM) for the year April-March 2024 is $12.05 per barrel as against $19.52 per barrel during the same period last year. The core GRM or the current price GRM for the year April - March 2024 after offsetting inventory loss/ gain comes to $11.44 per barrel, IOC said.
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IOC’s refinery throughput in Q4 was 18.282 million metric tonne (MMT) as against 19.177 MMT last year. Pipelines throughput was at 24.593 MMT.
The company’s domestic product sales were at 23.737 MMT while exports sales were at 1.542 MMT in Q4FY24.
Segment Results
IOC’s Petroleum Products segment revenue fell to 2.08 lakh crore from ₹2.11 lakh crore, QoQ, while segment’s EBIT declined to ₹7,271.57 crore from ₹11,428.88 crore, sequentially.
Petrochemicals segment revenue for the March quarter increased to ₹6,908.50 crore from ₹5,983.53 crore in the December quarter. The segment’s EBIT loss increased to ₹399.75 crore from ₹196.21 crore, QoQ.
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IOC Dividend
The Board of Directors of IOC has recommended a final dividend of ₹7.00 per equity share of face value of ₹10 each for the year 2023-24.
The final dividend would be paid within 30 days from the date of declaration at the AGM. The record date for payment of final dividend would be fixed and intimated in due course.
Renewal Energy Projects
Indian Oil Corporation’s board approved implementation of 1 GW installed capacity of Renewal Energy (RE) projects comprising standalone ground mounted Solar or standalone onshore Wind or Wind-Solar Hybrid projects at an estimated cost of ₹5,215 crore through its Wholly Owned Subsidiary (WoS).
The Board has also approved an investment of ₹1,303.75 crore as equity in the subsidiary for implementation of 1 GW installed capacity of RE.
On Tuesday, IOC share price ended 4.41% lower at ₹169.00 apiece on the BSE.
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Published: 30 Apr 2024, 03:00 PM IST
