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 icon6152 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
IOC’s FY22 revenue highest ever by an Indian firm

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
Bureau of Indian Standards introduces two new safety norms for EVs

auther Autocar Pro News Desk calendar24 Jun 2024

IS 18590: 2024 and IS 18606: 2024 focus on stringent safety requirements for the EV powertrain, as also battery performa...

BMW Motorrad to launch its first EV in India in July

auther Autocar Pro News Desk calendar23 Jun 2024

The BMW CE 04 electric scooter, which has a range of 130km and a top speed of 120kph,  will be BMW’s first electric two-...

Indian Oil signs mega 10-year LNG supply contract with Total Energies

auther Autocar Pro News Desk calendar20 Jun 2024

Total Energies has signed a sales and purchase agreement with Indian Oil Corporation for the delivery to India of up to ...