Indian Oil Corporation Limited is one of the leading state-owned fuel retailers and declared optimistic growth in Q4 FY23. The net profit grew up by 67% as compared to FY22. The company reported share price movement that was 52 weeks high and 52 weeks lowest in September 2022. IOCL also declared a dividend of Rs 3 per equity share that would be finalized by the shareholder in the company’s annual general meeting.
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About Indian Oil
IOCL is the 20th largest petroleum company in the world. Established in 1959 as Indian Oil Company Ltd., Indian Oil Corporation Ltd was formed in 1964 with the merger of Indian Refineries Ltd. (Estd. 1958). Indian Oil reaches precious petroleum fuels to every nook and corner of the country through its network of over 58,000 plus customer touch-points. The marketing network is bolstered by 70.05 MMTPA of Refining Capacity and more than 15,000 KM of cross country pipelines.
Over 34,000 Fuel Stations spread across India, fuelling the dreams and aspirations of around 30 million Indians every day. Indian Oil’s LPG brand Indane caters to more than 140 million customers. One of the leading Petrochemical players in India with a petrochemical production capacity of nearly 3200 KTA. Undertaking research in all facets of hydrogen, including production, storage and applications like fuel cells. To set up Green Hydrogen Plants at Indian Oil refineries in Mathura and Panipat. Indian Oil is also forging crucial partnerships to strengthen the Green Hydrogen ecosystem in the country.
Indian Oil has established itself as a leading CGD (City Gas Distribution) player in the country. The leading promoter of the Govt of India’s SATAT (Sustainable Alternative Towards Affordable Transportation) scheme. First Indian company to start CBG marketing under the brand name “Indi Green”. Indian Oil has a Solar PV capacity of around 70 MW & Wind Capacity of 168 MW, with a total renewable energy capacity of nearly 240 MW.
Collaborated with Israeli company Phinergy Limited to form ‘IOC Phinergy Private Limited’ (IOP) to commercialise the Aluminium-Air Battery technology in India. Achieved the milestone of installing over 2000 EV charging stations at Indian Oil Fuel Stations across the country. Spent nearly Rs 1,800 Crore on CSR endeavours during the last four years across healthcare, education, sanitation, skill development, women empowerment and environmental sustainability.
Q4FY23 Results
Indian Oil Corporation Ltd (IOCL) on Tuesday reported a jump of 52 per cent in its consolidated net profit to Rs 10,841.23 crore year-on-year (YoY) in Q4FY23. In the same quarter last year, IOCL’s net profit stood at Rs 7,089.18 crore. This was the oil refiner’s first rise in profit in five quarters, as crude priced eased, bolstered its refining margins, sending the firm’s shares to their highest in more than one year.
On a quarterly basis, IOCL’s consolidated profit jumped 1117 per cent from Rs 890.23 crore in the third quarter of FY23. The state owned company’s revenue from operations in the period under review jumped 10 per cent to Rs 2,30,711.56 crore, from Rs 2,09,045.44 crore in the March quarter of FY22. On a standalone basis, IOCL’s net profit in the March quarter jumped 67 per cent YoY to Rs 10,058.69 crore. Its net profit in the same quarter last year stood at Rs 6,021.88 crore.
IOCL’s standalone net profit on a quarterly basis jumped 2,145 per cent from Rs 448 crore in the third quarter of FY23. The oil major’s revenue from operations rose by 9.70 per cent to Rs Rs 2,26,492.05 crore in the fourth quarter of fiscal 2023, from Rs 2,06,457.17 crore in Q4FY22. IOCL’s board has recommended a final dividend of 30 per cent for the year 2022-23, which is Rs. 3 per equity share of face value of Rs.10/- each on the paid-up share capital. The final dividend payout is subject to the approval of the shareholders at the annual general meeting (AGM).
Share Price Movement
Shares of Indian Oil Corporation Ltd (IOC) hit a fresh 52-week high today after the state-owned energy major reported a 52% rise in March quarter profit last fiscal. Net profit climbed to Rs 10,841 crore in Q4 against Rs 7089.18 crore in the quarter ended March 2022. In the December quarter, the firm reported a profit of Rs 890.28 crore.
The stock rose 4.11% intraday to Rs 87.67 against the previous close of Rs 84.21 on BSE. It has gained 8.21 per cent in the last one year. It hit a 52-week low of Rs 65.20 on September 29, 2022. In the current session, the stock was trading 3.49 per cent higher at Rs 87.15 in early trade. A total of 38.46 lakh shares of the firm changed hands, amounting to a turnover of Rs 33.19 crore on the BSE. The market cap of the company rose to Rs 1.23 lakh crore on BSE. IOC stock is trading higher than 5-day, 20-day, 50-day, 100- day and 200-day moving averages.
