Indian Oil's profit jumps 17 pc to Rs 6,099 crore in FY 19

Indian Oil Corporation (IOC) on Friday reported net profit at Rs 6,099 crore during the March quarter of financial year 2018-19, up 17 per cent from Rs 5,218 crore in the year-ago quarter.

Total income for the quarter was Rs 145,531 crore, up 6 per cent against its Rs 136,964 in the corresponding quarter of the previous fiscal.

The average gross refining margin (GRM) during April 2018 to March 2019 fell to 5.41 dollars per barrel against 8.49 dollars per barrel in the previous financial year, the oil marketing major said in a statement.

The company's board of directors recommended the final dividend of Re 1 per equity share. This is in addition to the interim dividend of nearly Rs 8.25 per equity share paid during the year, the oil marketing company said.

IOC bought back 29.76 crore equity shares at a price of Rs 149 per equity share in cash for aggregate consideration of Rs 4,435 crore. The process of buyback was completed on February 14.

Accordingly, the paid up equity share capital was reduced by Rs 297.65 crore and other equity is reduced by Rs 4,137.35 crore.

Besides this, buy back expenses of Rs 7.8 crore net of tax is also reduced from other equity.

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