Indian Oil Corp records over 85% rise in Q4FY17 net profit; declares dividend

State-owned Indian Oil Corporation (IOC) registered a whopping 85% rise in its net profit for the fourth quarter ended March 31, 2017 result. The company posted net profit of Rs 3,720.62 crore, a rise of 85.48% from Rs 2,005.89 crore in the corresponding period of the previous year. 

However, Q4FY17 net profit decline by 6.86% from Rs 3,994.91 crore of the preceding quarter. 

A Bloomberg poll estimated IOC to report net profit of Rs 3,710 crore in Q4.

Total income for the period stood at Rs 1,24,344.64 crore, witnessing growth of 25.01% year-on-year (YoY) and 6.79% quarter-on-quarter (QoQ). 

On segment wise revenue break-up, petroleum products business contributed 25.56% growth in Q4FY17 at Rs 1,17,054.57 crore versus Rs 93,223.14 crore of Q4FY16. While petrochemical business grew by 13.72% yoy at Rs 5,954.74 crore for the period. 

IOC stated that, “The company accounted for budgetary support of Rs 5,149.21 crore in FY17 compared to Rs 6,885.26 crore of previou s fiscal as revenue grants.”

Average gross refining margin for FY17 stood at $7.77 per barrel higher from $5.06 per barrel of the previous fiscal. 

In a meeting held on Thursday, IOC's board of directors have recommended a final dividend of Rs 1 per equity share at a face value of Rs 10 per share. This is in addition to the interim dividend of Rs 18 per equity share paid during the year.