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Slowdown Blues: IOC posts 20% decline in yearly net profit at Rs 16,894 crore; recommends dividend of Re 1 per share

The state-owned company's Q4 net profit increased 17 per cent at Rs 6,099.27 crore, compared to Rs 5,218.10 crore in Q4 last year

twitter-logo BusinessToday.In   New Delhi     Last Updated: May 17, 2019  | 16:57 IST
Slowdown Blues: IOC posts 20% decline in yearly net profit at Rs 16,894 crore; recommends dividend of Re 1 per share
Indian Oil Corporation

Indian Oil Corporation (IOC) on Friday reported 20.8 per cent decline in its yearly profit at Rs 16,894.1 crore during FY19, compared to its overall net profit of Rs 21,346.1 crore in FY18. In its financial results for the year ended March 31, 2019, the state-owned oil marketing company declared its net profit for the Q4 increased 17 per cent at Rs 6,099.27 crore, compared to Rs 5,218.10 crore in March quarter last year. The company's net profit in the Q3 stood at Rs 717 crore.

IOC's revenue declined 9.8 per cent quarter-on-quarter to Rs 1.26 crore, while its operating margin expanded 600 basis points to 8.2 per cent. Its total comprehensive income for the period stood at Rs 14,569.73 crore, compared to Rs 21,743.48 crore a year earlier.

Meanwhile, the IOC Board has recommended a final dividend of Re 1 per share (i.e. 10 per cent on the paid up equity share capita) for the financial year 2018-19, subject to the approval of the shareholders. The final dividend would be paid within 30 days from the date of its declaration at the AGM, the company said in a regulatory filing today. This final dividend is in addition to the interim dividend of Rs 8.25 per share paid for the financial year 2018-19, IOC added.

The company said it had bought back 29.7 crore equity shares at Rs 149 apiece for Rs 4,435 crore after the approval for the buyback of equity shares in their meeting dated December 13, 2018.

In FY19, the company also incurred employee benefit expenses off Rs 1,266.52 crore towards one-time contribution for superannuation benefit scheme for past periods. IOC share opened at Rs 150.6 on Friday and closed at Rs 148.45. The share closed at Rs 151.15 on Thursday.

Edited by Manoj Sharma

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