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IOCL posts the highest revenue in its Q4 ending for FY22

BNE ADMIN


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Guwahati: Indian Oil Corporation Limited (IOCL) stated on Tuesday that its revenue from operations increased by 25.6% to Rs 2.06 lakh crore in the quarter under review, up from Rs 1.64 lakh crore in the same quarter of the previous fiscal.

A 31.4% drop in net profit to Rs 6,022 crore for the quarter ending March 31, 2022, was also announced. In the previous fiscal year, the government-owned oil and gas firm earned a net profit of Rs 8,781 crore.

For the fiscal year April-March 2022, the company's average gross refining margin (GRM) is $11.25 per barrel (April-March 2021: $5.64 per barrel). The core GRM, or current price GRM, for the fiscal year April-March 2022, after subtracting inventory loss/gain, is $7.61 per bbl, according to an OIC regulatory filing.

Furthermore, the company's board of directors has advised issuing bonus shares in the ratio of 1:2, i.e. one new bonus equity share of Rs 10 for every two existing equity shares of Rs 10 each fully paid up, subject to shareholder approval through a postal vote. The Board has set July 1, 2022, as the record date for determining shareholder eligibility for bonus shares.

A bonus issue, also known as a scrip issue or a capitalization issue, is an offer to current shareholders of free extra shares. As an alternative to boosting the dividend distribution, a firm may opt to distribute additional shares.

IOC further announced that its Board of Directors has proposed a final dividend of Rs 3.60 per equity share, which translates into a final dividend of Rs 2.40 per equity share (post-bonus) for the fiscal year 2021-22, subject to shareholder approval. The final dividend would be paid within 30 days following the AGM's announcement. The final dividend would be paid in addition to the Interim Dividend(s) of Rs. 9.00 per share (pre-bonus) paid for the fiscal year 2021-22. It noted that the record date for payment of the final dividend will be determined and communicated in due course.

BNE ADMIN