IOC records 25% increase in its Q1 profit at Rs 8,269 cr, approves issue of bonus shares

IOC records 25% increase in its Q1 profit at Rs 8,269 cr, approves issue of bonus shares

Net profit of Rs 8,268.98 crore, or Rs 34.90 a share, in April-June was 25.46 per cent higher than Rs 6,590.83 crore, or Rs 27.81 per share, net profit in the same period a year ago, the company said in a regulatory filing

Country’s largest oil refining and marketing company, Indian Oil Corporation (IOC) on Monday announced a 25% increase in its first quarter net profit. The company also declared a 1:1 bonus share.

The Board of Directors of IOC approved a bonus shares in the ratio of 1:1—one equity bonus share of Rs 10 each for every One existing equity share of Rs 10 each fully paid up subject to the approval of the shareholders.

The company’s net profit of Rs 8,268.98 crore in Q1 of current fiscal (or in April-June 2016) was 25.46% higher than Rs 6,590.83 crore net profit in the same period a year ago, the company said in a regulatory filing.

Refining margins during the Q1 fell even as company earned refining margins of $9.98 (or earnings on turning every barrel of crude oil into fuel) in April-June as compared to a gross refining margin of $10.77 per barrel.

IOC said all of its Rs 1,331.69 crore revenue loss on sale of PDS kerosene during the quarter was reimbursed by the government.

On the back of drop in oil price, IOC’s revenues fell to to Rs 1,07,670.95 crore in first quarter of current fiscal. This is as against Rs 1,14,200.24 crore for the quarter ended June 30, 2015.

Leave a Reply

Your email address will not be published.