New Delhi May 25 (IANS) State-run Indian Oil Corp (IOC) on Thursday posted an impressive 85 per cent jump in net profit for the fourth quarter ended March at Rs 3 721 crore owing to better revenue from operations even as refining margins grew.
The company had recorded profit after tax of Rs 2 006 crore in the corresponding quarter of 2015-16.
IOC announced in a press briefing here that total income from operations during the January-March quarter at Rs 1.24 lakh crore rose 24 per cent over the like quarter of 2015-16.
Net profit however fell 6.9 per cent as compared to the previous quarter when it was at Rs 3 995 crore the company said.
IOC s average gross refining margin for 2016-17 rose to $7.77 per barrel from $5.06 per barrel in fiscal 2015-16.
For the full fiscal 2016-17 the company recorded a net profit of Rs 20 385 crore as compared to Rs 12 413 crore registered in the previous year.
The board of directors on Thursday recommended a final dividend of Re 1 per equity share which is in addition to the interim dividend of Rs 18 per equity share paid during the year. Thus the total dividend for 2016-17 stands at Rs 19 per share.
With the results being announced during market hours the Indian Oil stock closed on Thursday at Rs 438.70 a share up by 1.87 per cent or by Rs 8.05 paise over its previous close on the Bombay Stock Exchange (BSE).
--IANS
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Indian Oil Q4 net soars 85% at Rs 3,721 cr on higher income
