Indian Oil Corporation Q2 PAT rises 2.1% YoY to Rs 6,360 cr

Indian Oil Corporation (IOCL) reported a 2.1% increase in standalone net profit to Rs 6,360 crore on a 58.2% rise in net sales to Rs 1,35,417.77 crore in Q2 FY22 over Q2 FY21.

Standalone profit before tax stood marginally higher at Rs 8,370 crore in Q2 FY22 as against 8,339.81 crore reported in Q2 FY21. The PSU oil marketing company announced its results on Saturday, 30 October 2021.

The company said its average gross refining margin (GRM) for the period April-September 2021 zoomed 89.8% to $6.57 per barrel against $3.46 per barrel for the same period of the previous year. The core GRM or the current price GRM for the period April- September 2021 after offsetting inventory loss/ gain comes to $3.47 per bbl.

The board of directors in its meeting declared an interim dividend of Rs 5 per equity. The board has fixed Friday, 12 November 2021 as the record date. The interim dividend would be paid to eligible shareholders on or before 29 November 2021.

Shares of IOCL were trading 0.55% lower at Rs 127.35 on BSE.

IOC is India's largest oil refining and marketing company, with a refining capacity of 80.7 MT (market share 33%), more than 32,000 retail outlets (42% market share), 3.2 MT of petrochemical production capacity and operations in the upstream and city gas distribution business. The Government of India 51.50% stake in the company as on 30 September 2021.

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