Indian Oil Q1 net jumps 25 pc at Rs 8,269 cr

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SME Times News Bureau | 30 Aug, 2016
State-run oil marketer Indian Oil Corp. (IOC) on Monday declared a 25 per cent rise in net profit for the first quarter ended June at Rs 8,268.98 crore, compared to Rs 6,590.83 crore in the same quarter in the previous year.

Total income in the June quarter fell because of a drop in global oil prices and was at Rs 1,07,200 crore, registering a fall of 5.75 per cent, as compared to Rs 1,13,743 crore in the same period last year.

Average gross refining margins, on turning every barrel of crude oil into fuel, for the June quarter was $9.98 per barrel as against $10.77 in June quarter of 2015.

The company also declared bonus shares in the ratio of 1:1, that is, one equity bonus share of Rs 10 each for every existing equity share of Rs 10 each fully paid up, subject to the approval of the shareholders.

Earnings per share rose to Rs 34.90 during the quarter in question, as compared to Rs 27.81 in the same quarter last year.

While results were declared after trading ended on Monday, IOC stock closed the day at Rs 571.95 a share, down 1.85 points, or 0.32 per cent, on its previous close on the BSE.