IOCL spurts after turnaround Q4 numbers

Indian Oil Corporation (IOCL) gained 1.94% to Rs 107.60 after the PSU OMC posted standalone net profit of Rs 8,781.30 crore in Q4 FY21 compared with net loss of Rs 5,185.32 in Q4 FY20.

The company's revenue from operations increased 17.7% to Rs 1,63,605.67 crore in Q4 FY21 as against Rs 1,39,005.49 crore posted in Q4 FY20. The company reported a pre-tax profit of Rs 10,951.10 crore in Q4 FY21 as against pre-tax loss of Rs 13,610.16 in Q4 FY20.

The company said its average gross refining margin (GRM) for the period April-March 2021 zoomed 6950% to $5.64 per barrel against $0.08 per barrel for the same period of the previous year. The core GRM or the current price GRM for the period April- March 2021 after offsetting inventory loss/ gain comes to $2.31 per bbl.

The company has accounted 'Nil' budgetary support in April-March 2021 period as against Rs 1296.17 crore in April-March 2020 as revenue grants on sale of SKO (PDS) in revenue from operations and no under-realization is suffered by the company on this account.

The PSU company reported a net profit of Rs 21,836.04 crore for the year ended March 2021 (FY21), steeply higher than net profit of Rs 1,313.23 crore in the year ended March 2020 (FY20). Revenue from operations declined 9% to Rs 5,14,890.47 crore in FY21 over FY20.

Meanwhile, the company has declared a final dividend of Rs 1.5 per share.

Indian Oil Corporation's (IOC's) segments include sale of petroleum products, sale of petrochemicals and other businesses. As of 31 March 2021, 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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