IndianOil Q4 Results: Profit plunges 52% YoY to Rs 4,838 crore

by Psu Connect
Date: 30-04-24

The Board has also recommended a final dividend of Rs 7 per share for 2023-24 which is 70% per equity share of face value of Rs 10 each.

IndianOil Q4 Results: Profit plunges 52% YoY to Rs 4,838 crore

New Delhi: State-owned Indian Oil Corporation has released its quarter-end financial results, reporting a 52% fall in its standalone net profit at Rs 4,838 crore for the March quarter. It reported a profit of Rs 10,059 crore in the corresponding period of last year.

The company's revenue from operations fell 3% to Rs 2.19 lakh crore for the fourth quarter, compared with Rs 2.26 lakh crore in the previous year's quarter.

The final dividend would be paid within 30 days from the date of declaration at the AGM. The record date for payment of the final dividend will be intimated soon.

On a sequential basis, net profit fell 40% from Rs 8,063 crore posted in the preceding September quarter. Revenues, meanwhile, dropped 1% quarter-on-quarter (QoQ). Other income during the quarter rose 1% YoY to Rs 1,657 crore for the quarter under review against Rs 1,638 crore in the last year period.

EBITDA is reported (earnings before interest, tax, depreciation, and amortization) at Rs 10,435 crore for the fourth quarter, with margins at 5.3%.

Furthermore, the Board has recognised approval for investment in proposed Wholly Owned Subsidiary to undertake Low Carbon, New, Clean & Green energy businesses.

The Oil refining PSU in respect of the formation of a Wholly Owned Subsidiary (WoS) in India, was seeking approval of NITI Aayog, DIPAM, etc. to operate in the domain of low carbon, new, clean, and green energy businesses. So as per the exchange information, it is mentioned that-

The Board at its meeting held on 30t April 2024 has approved the 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 Rs. 5,215 crore including taxes & duties in a phased manner through the aforesaid WoS.

The Board has also approved an investment of Rs. 1,303.75 crore as equity in the aforesaid proposed WoS for implementation of 1 GW installed capacity of RE.