Indian Oil Corporation, one of India’s largest oil refiner, has posted record profits and the highest revenue by any Indian company in FY22. For the full fiscal, IOC reported the highest ever net profit of Rs 24,184.10 crore in FY22, up from Rs 21,836.04 crore in FY21. In fact, its FY22 revenue of Rs 7.28 lakh crore is the highest-ever revenue by any Indian corporate.

The Standalone net profit in Q4FY22 is at Rs 6,021.88 crore Vs Rs 8,781.30 crore in Q4FY21. The 31.4 percent decline in the fourth quarter net profit is as a result of the margin squeeze in petrochemicals and losses on auto fuel sales. This is what offset the impact of the record refining margins. On a sequential basis the Q4 profits were higher than the Rs 5,860.80 crore profit in Q3FY22.

The average Gross Refining Margin (GRM) for FY22 is at $11.25 per bbl compared to $5.64 per bbl in FY21. The core GRM or the current price GRM for FY22 after offsetting inventory loss/ gain comes to $7.61 per bbl.

In a regulatory filing, IOCL stated the “demand for the petroleum products resumed to near normal levels from second half of FY21 and impact of the pandemic in current financial year is minimal.”