Indian Oil Corp gallops after decent Q3 result

Indian Oil Corporation gained 3.13% to Rs 96.15 after the PSU's company standalone net profit jumped 110% to Rs 4,916.59 crore on a 1.22% rise in revenue from operations to Rs 1,46,598.83 crore in Q3 FY21 over Q3 FY20.

Profit before tax jumped 109.45% at Rs 7796.16 crore in Q3 FY21 over Q3 FY20. Tax expense soared 108.19% to Rs 2879 crore in Q3 FY21 as against Rs 1383.15 crore in Q3 FY20.

The company said the average gross refining margin (GRM) for the period April-December 2020 fell 11.38% to $2.96 per barrel against $3.34 per barrel for the same period of the previous year. The core GRM or the current price GRM for the period April- December 2020 after offsetting inventory loss/ gain comes to $1.45 per bbl.

The company has accounted 'Nil' budgetary support in April-December 2020 period as against Rs 1162.80 crore in April-December 2019 as revenue grants on sale of SKO (PDS) in revenue from operations and no under-realization is suffered by the company on this account.

Meanwhile, the company has declared an interim dividend of Rs 7.5 per equity share. The dividend yield stands at 8.09% when compared to yesterday's closing price of Rs 92.65.

Indian Oil Corporation's (IOC's) segments include sale of petroleum products, sale of petrochemicals and other businesses. As of 31 December 2020, the Government of India held a 51.50% stake in IOCL while ONGC held a 14.20% stake in the company.

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