State-run Indian Oil Corporation (IOC) on Tuesday reported a 26 per cent y-o-y decline in its consolidated net profit at ₹6,645.72 crore for the March quarter of FY22 largely on account of margin pressure in petrochemicals as well as losses in sales of petrol and diesel.

However, on a sequential basis, IOC’s consolidated net profit was up by 8 per cent from ₹6,143.08 crore in Q3 FY22. Its consolidated total income rose by 26 per cent year-on-year (y-o-y) to ₹209,629.86 crore in Q4 FY22. On Q-o-Q basis, total income was up 5 per cent from ₹200,518.48 crore in Q3 FY22.

The country’s largest oil refiner IOC said its board has recommended the issue of bonus shares in the ratio of 1:2—one new bonus equity share of ₹10 each for every two existing equity shares of ₹10 each fully paid.

“It is further informed that the Board has recommended a final dividend of ₹3.60 per equity share having face value of ₹10 each (pre-bonus), which translates into final dividend of ₹2.40 per equity share having face value of ₹10 each (post-bonus) for FY22,” the company added.

“Average Gross Refining Margin (GRM) for the year April-March 2022 is $11.25 per barrel (bbl) (April-March 2021: $5.64 per bbl). The core GRM or the current price GRM for the year April-March 2022 after offsetting inventory loss/ gain comes to $7.61 per bbl,” IOC said in the filing.

For the entire FY22, IOC’s consolidated net profit rose by 16 per cent y-o-y to ₹25,726.60 crore against ₹21,762.22 crore in FY21. Consolidated income for the fiscal year grew 41 per cent y-o-y to ₹7,39,813.06 crore against ₹5,23,736.38 crore in FY21.

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