Indian Oil Corporation rose 0.74% to Rs 359.45 at 13:53 IST on BSE after net profit fell 35.30% to Rs 9389.85 crore on 5.32% increase in total income to Rs 135465.86 crore in Q4 March 2014 over Q4 March 2013.
The result was announced during trading hours today, 29 May 2014.
Meanwhile, the BSE Sensex was down 164.55 points, or 0.67%, to 24,391.54.
On BSE, so far 2.03 lakh shares were traded in the counter, compared with an average volume of 1.15 lakh shares in the past one quarter.
The stock hit a high of Rs 370 and a low of Rs 355.15 so far during the day. The stock hit a 52-week high of Rs 381 on 26 December 2013. The stock hit a 52-week low of Rs 186.20 on 30 May 2013.
The stock had outperformed the market over the past one month till 28 May 2014, rising 34.62% compared with 8.50% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 43.81% as against Sensex's 16.27% rise.
The large-cap company has an equity capital of Rs 2427.95 crore. Face value per share is Rs 10.
Indian Oil Corporation's (IOC) net profit rose 40.24% to Rs 7019.09 crore on 5.77% increase in total income to Rs 476627.38 crore in the year ended March 2014 (FY 2014) over the year ended March 2013 (FY 2013).
On a consolidated basis, IOC's net profit rose 59.26% to Rs 7085.59 crore on 5.69% increase in total income to Rs 491787.31 crore in FY 2014 over FY March 2013.
IOC said it received discounts of Rs 34673.59 crore in FY 2014 compared with Rs 31966.84 crore in FY 2013, on crude oil/products purchased from ONGC/GAIL (India)/Oil India/CPCL towards part of under-recoveries suffered on sale of regulated oil products and the same has been adjusted against the purchase cost.
IOC has accounted for budgetary support of Rs 373182.27 crore towards under-recovery on sale of regulated oil products in FY 2014 compared with Rs 53278.07 crore in FY 2013 in the statement of profit and loss as revenue grants.
Consequent to non-revision of retail selling price in line with international prices, the company has suffered net under-realisation of Rs 1082.59 crore on sale of regulated products during April-March 2014. The company had suffered net under-realisation of Rs 548.49 crore on sale of regulated products during April-March 2013.
PSU OMCs (public sector oil marketing companies) suffer under-recovery on domestic sales of diesel, kerosene and LPG at government controlled prices.
ONGC/GAIL (India)/Oil India/CPCL share the under recoveries of PSU OMCs by allowing discount in the prices of crude oil, PSD kerosene, and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the Petroleum Planning and Analysis Cell.
The Government of India (GoI) holds 68.57% stake in IOC (as per the shareholding pattern as on 31 March 2014).
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