Team Blitz India
NEW DELHI: Indian Oil Corporation (IOC) on April 30 reported a 52% fall in its standalone net profit at Rs 4,838 crore for the March quarter. It reported a profit of Rs 10,059 crore in the corresponding period of last year.
The company’s revenue from operations fell 3% to Rs 2.19 lakh crore for the fourth quarter, compared with Rs 2.26 lakh crore in the previous year’s quarter.
IOC’s Board has also recommended a final dividend of Rs 7 per share for 2023-24 which is 70% per equity share of face value of Rs 10 each.The final dividend would be paid within 30 days from the date of declaration at the AGM. The record date for payment of the final dividend will intimated in due course.
On a sequential basis, net profit fell 40% from Rs 8,063 crore posted in the preceding September quarter. Revenues, meanwhile, dropped 1% quarter-on-quarter (QoQ).
