Q4FY23 results: Indian Oil's net profit declines to Rs 8,241.82 cr in FY23

New Delhi: State-owned Indian Oil Corporation's (IOC) net profit for FY23 dipped to Rs 8,241.82 crores from Rs 24,184.10 crores in the previous financial year, registering a decline in net profit of 65.92 percent. However, on a q-o-q basis, the company recorded a net profit of Rs 10,058.69 crores in Q4FY23 as compared to Rs 448.01 crores in the previous quarter.

IOC's revenue from operations increased from Rs 7,28,445.4 crores in FY22 to Rs 9,34,952.66 crores in FY23, registering a growth of 28.34 percent on a y-o-y basis. However, on a q-o-q basis, IOC's revenue from operations decreased from Rs 2,28,168.34 crores in Q3FY23 to Rs 2,26,492.05 crores in Q4FY23. The company's expenses increased from Rs 7,01,051.13 crores in FY22 to Rs 9,31,489.74 crores in FY23. However, the expenses decreased on a q-o-q basis from Rs 2,29,626.75 crores in Q3FY23 to Rs 2,15,915.20 crores in Q4FY23.

Operating profit before working capital changes of the company reduced from Rs 43,655.97 crores in FY22 to Rs 28,457.58 crores in FY23.

Board has recommended a final dividend of 30 percent for the year 2022-23

Further, the filing informed that "the Board has recommended a final dividend of 30 percent for the year 2022-23 i.e., Rs 3 per equity share of the face value of Rs 10 each on the paid-up share capital, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company. The final dividend would be paid within 30 days from the date of the declaration at the AGM. The record date for payment of the final dividend would be fixed and intimated in due course."

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