Mumbai (Maharashtra) [India], May 19 (ANI): Oil marketing firm IndianOil Corporation (IOC) said on Wednesday its Q4 net profit rose by over 78 per cent to Rs 8,781 crore as compared to Rs 4,917 crore in the previous quarter.
In Q4 FY20, it had reported a loss of Rs 5,185 crore. Revenue from operations jumped in the January to March quarter (Q4 FY21) to Rs 1.64 lakh crore from Rs 1.39 lakh crore in Q4 FY20.
Average gross refining margin (GRM) for the year April to March 2021 was 5.64 dollars per barrel as compared to 0.08 dollars per barrel in April to March 2020.
The core GRM or the current price GRM for FY21 after offsetting inventory loss or gain comes to 2.31 dollars per barrel.
The board of directors has recommended a final dividend of Rs 1.50 per share (that is at the rate of 15 per cent on paid up equity share capital) for the financial year 2020-21 to be paid within 30 days.
The final dividend is in addition to the interim dividend of Rs 10.50 per share already paid.
IOC said the refineries throughput was at 17.6 million tonnes in Q4 FY21 as compared to 17.8 million tonnes in Q3 FY21 and 17.1 million tonnes in Q4 FY20.
The pipelines throughput was 21.8 million tonnes in Q4 FY21, just about the same in Q3 FY21 and 20.7 million tonnes in Q4 FY20.
IOC said the COVID-19 pandemic affected business and economic activities globally.
“The company reorganised itself in tune with the new normal without any disruption in the supply chain or compromising with the internal controls,” it said in a statement. (ANI)