Indian Oil Q4 profit plummets 50% to ₹5,148.87 cr

Public sector major Indian Oil Corporation Limited (IOC) recorded a 49.9% year-on-year (YoY) decline in consolidated net profit to ₹5,148.87 crore for the fourth quarter of the fiscal year 2023-24 (Q4FY24), compared with ₹10,289.82 crore in the same period of the previous year (Q4FY23). Sequentially, there was a 42.97% decrease from ₹9,029.56 crore in the previous quarter of FY24.

IOC's consolidated revenue from operations also fell by 3.06% to ₹2,23,649.85 crore in Q4FY24, down from ₹2,30,711.56 crore in the corresponding period last year (Q4FY23). On a quarter-on-quarter basis, revenue stood at ₹2,26,892.08 crore in the previous quarter of FY24.

Reacting to the quarterly results, shares of IOC dropped as much as 4.97% to close at ₹168.95 apiece on the BSE on Tuesday.

The company's standalone operational revenue decreased by 3%, amounting to ₹2,19,875.55 crore in the fourth quarter (Q4FY24), in contrast to ₹2,26,492.05 crore recorded in the corresponding quarter of the previous year (Q4FY23).

The Board has proposed a final dividend of ₹7 per share for the fiscal year 2023-24, which amounts to 70% of the equity share's face value of ₹10 each.

“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,” IOC states in an exchange filing.

In terms of total income, Q4FY24 saw a 2.96% reduction to ₹2,25,103.37 crore compared to the previous year's ₹2,31,989.60 crore, with a 1.33% decrease from ₹2,28,160.31 crore in Q3FY24.

On a standalone basis, IOC’s Q4FY24 net profit for the quarter came in at ₹4,837.69 crore, compared to ₹10,058.69 crore in the same quarter of previous year (Q4FY23). Net profit for the previous quarter (Q3FY24) stood at ₹8,063.39 crore.

For the entire fiscal year, the company experienced a notable 326.15% increase in net profit, reaching ₹41,729.69 crore compared to ₹9,792.12 crore in FY23. However, revenue from operations for FY24 decreased by 7.37% to ₹8,81,235.45 crore from ₹9,51,409.94 crore in the previous financial year. Similarly, total income decreased by 7.38% to ₹8,85,078.30 crore in FY24 from ₹9,55,671.64 crore in FY23.