Indian Oil net profit down 33% at Rs 6,285 cr in Q4

Says refining margin has come down to $0.27 per barrel in 2014-15 from $4.24 in the previous fiscal

State-run Indian Oil Corp today posted a standalone net profit of Rs 6,285.35 crore for the quarter ended on March 31, 2015, down 33.06% compared to that in the same period last year.

The company's standalone net profit was Rs 9,389.85 crore in the January-March quarter in 2013-14, the company said in a BSE filing today.

According to the statement, the company's consolidated net profit for 2014-15 was Rs 4,912.02 crore compared to Rs 7,085.59 crore in 2013-14.

It said that the average gross refining margin for January-March quarter was $8.77 per barrel compared to $2.17 in same quarter a year ago.

However, as per its statement, its refining margin has come down to $0.27 per barrel in 2014-15 from $4.24 in the previous fiscal.

The gross refining margin of the company in 2014-15 was lower mainly on account of inventory valuation loss of Rs 15,600 crore which translates into $6.46 per barrel.

In a separate BSE filing, Indian Oil Corporation Ltd said that the Board of Directors of the company at its meeting held on May 29, 2015, inter alia, has recommended dividend of Rs 6.60 per equity share (face value Rs 10 per equity share).