Indian Oil Corporation posted a decline in net profit to ₹9,390 crore for the quarter ended March 31, 2014 compared to ₹14,513 crore in the corresponding quarter previous fiscal.
The company said this was due to the staggered pattern followed by the Government for compensation to public sector oil companies for selling petroleum products at a controlled price.
The board of directors has recommended a dividend of 87 per cent or ₹8.70 per share.
Net sales grew by 5.7 per cent for the fourth quarter to ₹1, 34, 867 crore compared to ₹1, 27,535 core in the corresponding quarter previous fiscal.
Higher sales Net sales for the financial year 2013-14 rose by 5.8 per cent to ₹4,73, 210 crore from ₹4,47,096 crore in 2012-13. Net profit was up to ₹7,019 crore from ₹5,005 crore in the last fiscal.
RS Butola, Chairman, Indian Oil, said, “Indian Oil sold 75.531 million tonnes of products, including exports, during 2013-14. Our refining throughput for fiscal 2013-14 was 53.126 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 73.069 million tonnes during the same period.
The gross refining margins during the year 2013-14 were $4.24 per bbl as compared to $3.16 per bbl in 2012-13.”
The company is also planning to raise $750 million in external commercial borrowing this fiscal. Besides, it will raise another $900 million in overseas debt to repay bridge loan it had taken for acquiring shale gas asset in Canada.