IOC’s FY22 revenue highest ever by an Indian firm

The 31.4 percent decline in Q4 net profit is due to margin squeeze in petchems and losses on auto fuel sales.

Autocar Pro News Desk By Autocar Pro News Desk calendar 18 May 2022 Views icon8388 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

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.”

RELATED ARTICLES
Hero MotoCorp appoints Niranjan Gupta as CEO

auther Autocar Pro News Desk calendar30 Mar 2023

India’s two-wheeler market leader elevates Chief Financial Officer, Head - Strategy and M&A to CEO, effective May 1; Dr....

Tiago EV bats for Tata IPL 2023 as official partner

auther Autocar Pro News Desk calendar30 Mar 2023

Tata Motors to leverage the platform of the Indian Premier League to increase awareness of EVs, while also batting big f...

Altigreen delivers 200 fast-charging e-three-wheelers to B2B, B2C customers

auther Autocar Pro News Desk calendar30 Mar 2023

EV OEM makes its largest single-day delivery to customers in Bengaluru including Buy 2 Coffee, Fyn Mobility, DCO, Mother...