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Indian Oil Group company, Chennai Petroleum Corporation Ltd has reported a 31 per cent decline in its fourth quarter profit after tax at Rs 170.81 crore due to high provisioning, a top company official said here today.
The Chennai-based company had registered standalone net profits at Rs 247.88 crore.
For the financial year ending March 31, 2017 net profits of the company surged 37.9 per cent to Rs 1,029.75 crore from Rs 741.86 crore registered during a year.
Total income from operations for the January-March 31, 2017 went upto Rs 9,486.88 crore from Rs 9,171.69 crore registered during year ago period.
For the financial year ending March 31, 2017 total income from operations stood at Rs 40,607.51 crore as against Rs 34,970.58 crore registered during year ago period.
Declaring the financial results for the year ending March 31, 2017, IndianOil Corporation Ltd., Chairman, B Ashok said CPCL posted its second highest results after a gap of 10 years.
"The company which has not been making good performance over the last one year has registered highest ever profit before tax of Rs 1,365 crore in the current year ending March 31, 2017 as compared to Rs 760 crore registered during same period of last year," he told reporters.
The profit after tax for the financial year ending March 31, 2017 went up by 37 per cent mainly due to "physical performance, favourable international prices of crude and products resulting in higher GRM of USD 6.05 per barrel," he said.
Following the excellent financial performance, Ashok said the Board of Directors have recommended second highest dividend of 210 per cent on the paid-up Equity Capital of the company representing Rs 21 per equity share.
To a query, he said the company had declared its first ever dividend of 170 per cent on the paid-up Equity Capital in the period 2007-08.
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