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Indian Oil Corp (IOC) has posted a 14.5 per cent rise in net profit at Rs 14,513 crore for the March quarter, compared with Rs 12,670 crore a year ago.
For 2012-13, the company has got a budgetary support of Rs 53,278 crore towards under-recoveries on sales of diesel, kerosene and liquefied petroleum gas. Of this, more than Rs 23,700 crore was paid during the March quarter.
IOC’s net sales for the March quarter also zoomed 10.2 per cent to Rs 1.28 lakh crore, against Rs 1.16 lakh crore in the year-ago period. However, consequent to the non-revision of retail selling prices in line with international prices, the company has suffered net under-realisation of Rs 548.5 crore on sale of regulated products during January-March, against Rs 22.4 crore a year earlier.
Average gross refining margin (GRM) for the fourth quarter was seen down to $2.39 per barrel, while it was $4.25 per barrel during the corresponding quarter last year. GRM for the entire financial year was also down to $2.26 per barrel, compared with $3.63.
“The drop in GRM is mainly due to the inventory stock gains during the last quarter of the previous financial year. Moreover, it is unfair to the GRM of other companies as our accounting practices are different,” said R S Butola is the Chairman of IOC.
IOC is looking to invest more than Rs 11,000 crore during the current financial year versus about Rs 9,000 crore in 2012-13. However, the capex plan for the entire five year plan period is around Rs 56,200 crore. The board of directors of the company has recommended a dividend of Rs 6.20 per equity share.
Meanwhile, the net profit for the financial year 2012-13 saw 27% rise to Rs 5,005.2 crore for the financial year, compared to Rs 3,954.6 crore in 2011-12. The net sales for the financial year 2012-13 also zoomed 12% to Rs 4,46,120 crore compared to Rs 39,8476 crore during the previous financial year.
The under recovery on sensitive petroleum products currently are Rs 3.73 per litre on diesel, Rs 27.93 per litre on kerosene and Rs 378.38 on LPG.
