Moneycontrol
Last Updated : Jan 30, 2018 03:53 PM IST | Source: Moneycontrol.com

IOC Q3 beats estimates, profit doubles to Rs 7,883 cr; approves bonus issue 1:1

IOC said the board of directors has approved bonus share issue in the proportion of one share for every one share held and also announced interim dividend of Rs 19 per share.

Oil marketing company Indian Oil Corporation's third quarter earnings beat analyst expectations on Monday as standalone profit during the quarter more than doubled to Rs 7,883 crore, from Rs 3,696.3 crore in previous quarter.

The bottomline was far ahead of CNBC-TV18 poll of Rs 5,222 crore for the quarter.

Revenue from operations grew by 22.2 percent to Rs 1.1 lakh crore in Q3, compared to Rs 90,567 crore in September quarter, the company said in its filing.

Operating profit growth of 80 percent at Rs 13,269 crore and margin expansion of 390 basis points at 12 percent quarter-on-quarter was ahead of CNBC-TV18 estimates of Rs 9,387 crore and 7.9 percent, respectively.

The state-run oil retailer had reported operating profit at Rs 7,373 crore and margin at 8.1 percent in September quarter.

IOC said the board of directors has approved bonus share issue in the proportion of one share for every one share held and also announced interim dividend of Rs 19 per share.

At 14:30 hours IST, the stock price was quoting at Rs 415.05, up Rs 16.30, or 4.09 percent amid high volumes on the BSE.
First Published on Jan 30, 2018 02:34 pm
Sections
Follow us on
Available On