Indian Oil posts over 35 percent fall in Q4 net profit

Indian Oil Corp (IOC) Thursday posted a fall of 35.30 percent in net profit for the fourth quarter ended March at Rs.9,389.85 crore, as compared to Rs.14,512.81 crore for the same quarter in the previous year.

However, the state-run oil marketer's total income from operations rose by 5.75 percent at Rs.134,867.42 crore for the quarter in question, as compared to Rs.127,534.77 crore for the quarter ended March 2013.

For the year ended March 2014, the company has posted an increase of 40.24 percent in its net profit at Rs.7,019.09 crore as compared to Rs.5,005.17 crore for the same period in the previous year. Total income from operations for the year has increased by 5.77 percent over the year ended March 2013, to Rs.476,627.38 crore.

On a consolidated basis, IOC's net profit during the year in review rose 59.26 percent over the previous fiscal, to Rs.7,085.59 crore.

IOC has accounted for budgetary support of Rs.373,182.27 crore towards under-recovery, or loss, on sale at government-controlled rates of diesel, kerosene and LPG in FY 2014, compared with Rs.53,278.07 crore in FY 2013.

Consequent to non-revision of retail selling price in line with international prices, the company has suffered net under-realisation of Rs.1,082.59 crore on sale of regulated products during April-March 2014, as compared to the net under-realisation of Rs.548.49 crore on this account during April-March 2013.

Indian Oil stock closed Thursday at Rs.354.40 a share, down 2.40 points, or 0.67 percent, on its previous close on the BSE.