Moneycontrol Bureau
Indian Oil Corporation's (IOC) fourth quarter net profit declined 33 percent year-on-year to Rs 6,285.35 crore but sequentially it turned black against loss of Rs 2,636.80 crore in December quarter.
Total income from operations dropped 30.4 percent to Rs 93,832 crore during January-March quarter from Rs 1,34,867.42 crore in the year-ago period.
The bottomline was ahead of expectations while the topline missed estimates. Profit was expected at Rs 4,576.6 crore on revenue of Rs 1,01,515.1 crore for the quarter.
The oil retailer said average gross refining margin for the quarter was USD 8.77 a barrel against USD 2.17 a barrel in the same quarter last year. However, gross refining margin in FY15 dropped to USD 0.27 a barrel from USD 4.24 barrel in FY14 due to inventory valuation loss of Rs 15,600 crore that translated to USD 6.46 a barrel, it added.
Operating profit dropped 32 percent year-on-year to Rs 9,284 crore and margin declined 20 basis points to 9.9 percent in the quarter gone by.
Other income during the quarter spiked 60 percent year-on-year to Rs 959.5 crore while finance cost fell 44.6 percent to Rs 552.9 crore.
The state-run oil marketing company has recommended dividend of Rs 6.6 per share for the year ended March 2015.
At 13:55 hours IST, the scrip of Indian Oil Corporation was quoting at Rs 366, up Rs 5.15, or 1.43 percent on the BSE.
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