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Indian Oil posts 51% jump in net profit in H1 FY22, declares interim dividend of Rs 5

Indian Oil Corporation (IOC) has reported a 51 percent increase in net profit in H1 of FY22 (April-September period) at Rs 12,301 crore
Indian Oil posts 51% jump in net profit in H1 FY22, declares interim dividend of Rs 5
Indian Oil posts 51% jump in net profit in H1 FY22, declares interim dividend of Rs 5
  • The net profit for the Q2 of FY22, however, was only 2.13 percent higher year-on-year at Rs 6,360 crore
  • The Board of Directors of Indian Oil in its meeting held on October 30 has declared an interim dividend of Rs 5 per equity share

New Delhi: Indian Oil Corporation (IOC) has reported a 51 percent increase in net profit in H1 of FY22 (April-September period) at Rs 12,301 crore, up from Rs 8,138 crore during the corresponding period of the previous fiscal, mainly on account of higher inventory gain and higher refining margins during the current period. The net profit for the Q2 of FY22, however, was only 2.13 percent higher year-on-year at Rs 6,360 crore, up from Rs 6,227 crore reported in the corresponding quarter of the previous financial year.

Indian Oil’s revenue from operations of Rs 3,24,827 crore for the period April-September period of FY22 was higher in comparison to Rs 2,04,693 crore reported in the corresponding period of the previous financial year. For Q2 of FY22, the revenue from operations of Indian Oil was Rs 1,69,771 crore, up from Rs 1,15,754 crore in the corresponding quarter of FY21. 

Indian Oil Board declares interim dividend of Rs 5/equity share

The Board of Directors of Indian Oil in its meeting held on October 30 has declared an interim dividend of Rs 5 per equity share (face value: Rs 10 per equity share), said IOC in a regulatory filing to the stock exchanges.

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Throughput and sales volumes

Indian Oil Chairman SM Vaidya, said, “Indian Oil sold 40.506 million tonnes of products, including exports, during the period April-September 2021. Our refining throughput for first six months of FY 2021-22 was 31.996 million tonnes and the throughput of the corporation’s countrywide pipelines network was 39.408 million tonnes during the period. The gross refining margin (GRM) during the period April-September 2021 was US$ 6.57 per bbl as compared to US$ 3.46 per bbl in the corresponding period of the previous financial year.”

“For the second quarter of FY22, Indian Oil’s product sales volumes, including exports, was 20.181 million tonnes. The refining throughput was 15.277 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 19.533 million tonnes during the quarter,” added Vaidya.

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