Indian Oil Corporation Q3 PAT spurts 19% YoY to Rs 5,861 cr

1 Feb 2022 , 09:27 AM

Standalone profit before tax stood marginally lower by 4.1% at Rs 7,479.56 crore in Q3 FY22 as against Rs 7,796.16 crore reported in Q3 FY21.

Average Gross Refining Margin (GRM) for the period April – December 2021 stood at $8.52 per bbl as against $2.96 per bbl during April – December 2020. The core GRM or the current price GRM for the period April – December 2021 after offsetting inventory loss/ gain comes to $5.40 per bbl.

The company, in its notes, highlighted, Due to outbreak of COVID-19 pandemic and consequent national lockdowns, the operations of the company during April – December 2020 were considerably affected. However, since then, the impact has significantly reduced.

Meanwhile, the board on 31 January 2022 have declared a second interim dividend of Rs 4 per equity share (face value of Rs 10 per equity share). This is in addition to the interim dividend of Rs 5 per equity share paid during the period by the company.

IOCL is Indias largest oil refining and marketing company, with a refining capacity of 80.7 MT (market share 33%), more than 32,000 retail outlets (42% market share), 3.2 MT of petrochemical production capacity and operations in the upstream and city gas distribution business.

Shares of Indian Oil Corporation (IOCL) declined 2.96% to Rs 121.50 on BSE. The Government of India held 51.50% stake in the company as on 31 December 2021.

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