Indian Oil Earned Rs 66 Crore Per Day In 90 Days; Posts Rs 7.28 Lakh Crore Revenues, Highest For Any Indian Company!

The state-owned oil and gas producer Indian Oil Corporation, which is also the country’s biggest oil firm, posted its earnings results for the March ending quarter earlier this week, reporting a record revenue figure for the financial year 2021-22 or FY22.

Here’s everything you need to know about the oil major’s financial figures for the quarter ending March 2022 and FY22.

IOCL’s Q4 & FY22 Figures: HIghest-Ever Net Profit and Revenue

The company’s net profit declined 31.4% to Rs 6,021.88 crore in the March quarter on a YoY basis, led by a drop in its refining margins as the margins of its petrochemicals’ business contracted and sales of auto fuel fell.

However, the figure reported in Q4 FY22 came in higher than that reported at Rs 5,860.8 crore in the Dec 2021 ending quarter or Q3.

Besides, for the financial year 2021-22, IOCL posted the highest-ever revenue recorded by any other Indian company. 

The figure stood at Rs 7.28 lakh crore or $96 billion on standalone basis, while on a consolidated basis, it came at Rs 7.36 lakh crore.

Also, in FY22, the company’s net profit jumped to its highest-ever figure at Rs 24,184.1 crore, compared to Rs 21,836.04 crore in the year-ago period.

The revenue from operations for the company surged to Rs 2.06 lakh crore in the March quarter, compared to Rs 1.63 lakh crore in the year-ago period, led by a shoot in oil prices in the quarter, thanks to the persisting Russia-Ukraine crisis.

The oil major’s board has also declared a final dividend of Rs 3.6/share, translating into a final dividend of Rs 2.4/share for FY22.

“This year, IndianOil has notched up the highest ever revenue from operations and as well as highest ever net profit. This stellar achievement reflects our resolve to set new benchmarks of excellence even in the face of stiff challenges. This also validates our sustained focus on fuelling the socio-economic aspirations of new India,” stated the company’s chairman S M Vaidya.