<p>Indian Oil Corporation (IOC) on Tuesday reported a 31.4 per cent drop in the fourth quarter net profit on a margin squeeze in petrochemicals and losses on auto fuel sales.</p>.<p>Standalone net profit of Rs 6,021.88 crore, or Rs 6.56 a share, in January-March, compared with Rs 8,781.30 crore, or Rs 9.56 per share, in the same period a year back, the company said in a stock exchange filing.</p>.<p>Sequentially, the profit was higher than Rs 5,860.80 crore in the previous quarter.</p>.<p>With oil prices surging, revenue from operations rose to Rs 2.06 lakh crore in the final quarter of this fiscal year ending March 31 from Rs 1.63 lakh crore a year back.</p>.<p>IOC and other public sector oil companies held petrol and diesel prices for a record duration despite a surge in the cost of raw materials (crude oil). They started raising prices only on March 22.</p>.<p>Pre-tax earnings from the sale of petroleum products fell 8 per cent to Rs 8,251.29 crore while the same from the petrochemicals business was down 72 per cent to Rs 570.18 crore.</p>.<p>The Board of the company recommended the issue of bonus shares in the ratio of 1:2 -- one new bonus equity share of Rs 10 each for every two existing equity shares.</p>.<p>It also declared a final dividend of Rs 3.60 per equity share (pre-bonus), which translates into a final dividend of Rs 2.40 per equity post-bonus for the financial year 2021-22.</p>.<p>The final dividend is in addition to the interim dividend of Rs 9.00 per share (pre-bonus) paid earlier.</p>.<p>For the full fiscal (April 2021 to March 2022), the company posted a record Rs 30,443.93 crore net profit, an increase of 15 per cent over the previous financial year.</p>.<p>The surge came on the back of a rise in refining margins. The firm earned USD 11.22 on turning every barrel of crude oil into fuel in the fiscal as compared to a gross refining margin of USD 5.64 in the previous year.</p>.<p>The core GRM or the current price GRM for the year 2021-22 after offsetting inventory gains came to USD 7.61 per barrel, it said. </p>
<p>Indian Oil Corporation (IOC) on Tuesday reported a 31.4 per cent drop in the fourth quarter net profit on a margin squeeze in petrochemicals and losses on auto fuel sales.</p>.<p>Standalone net profit of Rs 6,021.88 crore, or Rs 6.56 a share, in January-March, compared with Rs 8,781.30 crore, or Rs 9.56 per share, in the same period a year back, the company said in a stock exchange filing.</p>.<p>Sequentially, the profit was higher than Rs 5,860.80 crore in the previous quarter.</p>.<p>With oil prices surging, revenue from operations rose to Rs 2.06 lakh crore in the final quarter of this fiscal year ending March 31 from Rs 1.63 lakh crore a year back.</p>.<p>IOC and other public sector oil companies held petrol and diesel prices for a record duration despite a surge in the cost of raw materials (crude oil). They started raising prices only on March 22.</p>.<p>Pre-tax earnings from the sale of petroleum products fell 8 per cent to Rs 8,251.29 crore while the same from the petrochemicals business was down 72 per cent to Rs 570.18 crore.</p>.<p>The Board of the company recommended the issue of bonus shares in the ratio of 1:2 -- one new bonus equity share of Rs 10 each for every two existing equity shares.</p>.<p>It also declared a final dividend of Rs 3.60 per equity share (pre-bonus), which translates into a final dividend of Rs 2.40 per equity post-bonus for the financial year 2021-22.</p>.<p>The final dividend is in addition to the interim dividend of Rs 9.00 per share (pre-bonus) paid earlier.</p>.<p>For the full fiscal (April 2021 to March 2022), the company posted a record Rs 30,443.93 crore net profit, an increase of 15 per cent over the previous financial year.</p>.<p>The surge came on the back of a rise in refining margins. The firm earned USD 11.22 on turning every barrel of crude oil into fuel in the fiscal as compared to a gross refining margin of USD 5.64 in the previous year.</p>.<p>The core GRM or the current price GRM for the year 2021-22 after offsetting inventory gains came to USD 7.61 per barrel, it said. </p>