The company made 40% less profit this time, earning Rs.9224.85 crore in this quarter compared to December quarter.
Today, IOCL closed at Rs.168.85 lower
4.47%. In daily time frame, it made a big bearish candle engulfed the previous
day’s candle i.e. Bearish Engulfing candle, indicating bearish signal for coming days.
Indian Oil Corporation Limited (IOCL) announced a
consolidated net profit of Rs.5488 crore for the fourth quarter of FY 2023-24,
marking a 49% decrease compared to the same period last year. This dip in
profit was mainly due to a 16% increase in crude oil prices during the first
three months of the year.
In the corresponding period last year, the state-run oil
retailer had recorded a profit of Rs. 10,841.23 crore.
Sequentially, the company's net profit declined by 40% from
the previous quarter, where it stood at Rs. 9224.85 crore. Additionally, the
company's revenue saw a slight decline, amounting to Rs. 2.23 lakh crore in Q4,
as opposed to Rs. 2.30 lakh crore in the previous year.
Indian Oil declared a dividend of Rs.7 per share. Earnings
before interest, tax, depreciation, and amortization (EBITDA) for the fourth
quarter fell by 26% compared to the previous quarter, standing at Rs.13660.5
crore, down from Rs.18491.55 crore in the FY 24 quarter.
Refinery output related to input for the company was reported at 18.282
million metric tons during the quarter, a decrease from 19.177 MMT in the same
period last year. On the marketing front, IOCL achieved domestic product sales
of Rs.23.737 MMT during Jan-March 2024, along with export sales of Rs.1.542
MMT in Q4.
Investment Approval for Green Energy Subsidiary: On April 30,
the board of Indian Oil approved the implementation of 1 GW installed capacity
through its wholly-owned subsidiary. This initiative, costing Rs.5215 crore,
will be carried out in phases.
In conclusion, Indian Oil Corporation Limited witnessed a
decline in net profit and revenue for the fourth quarter of FY 2023-24,
primarily due to increased crude oil prices. However, the company remains
committed to its expansion plans, as evidenced by the approval of investment in
green energy initiatives.
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