Indian Oil Corporation Limited (IOCL) on Tuesday reported 31.4 per cent decline in net profit at Rs 6,022 crore for the quarter ended 31 March, 2022. The government-owned oil and gas comapny had reported a net profit of Rs 8,781 crore in the year-ago period.
The company's revenue from operations rose 25.6 per cent to Rs 2.06 lakh crore in the quarter under review from Rs 1.64 lakh crore in the same quarter last fiscal. IOC revenues do not contain the GST element.
The company's Average Gross Refining Margin (GRM) for the year April-March 2022 is $11.25 per bbl (April- March 2021: $5.64 per bbl). The core GRM or the current price GRM for the year April - March 2022 after offsetting inventory loss/ gain comes to $7.61 per bbl, OIC stated in a regulatory filing.
Further, the company's board has recommended issue of bonus shares in the ratio of 1:2 i.e. One new bonus equity share of Rs 10 each for every Two existing equity shares of Rs 10 each fully paid up subject to the approval of shareholders through postal ballot. The Board has fixed 1 July 2022 as record date to determine the eligibility of shareholders to receive bonus shares.
A bonus issue, also known as a scrip issue or a capitalization issue, is an offer of free additional shares to existing shareholders. A company may decide to distribute further shares as an alternative to increasing the dividend payout.
IOC also stated that its Board has recommended a final dividend of Rs 3.60 per equity share, which translates into final dividend of Rs 2.40 per equity share (post-bonus) for financial year 2021-22, subject to the approval of the shareholders of the company. The final dividend would be paid within 30 days from the date of declaration at the AGM. The final dividend is in addition to the Interim Dividend(s) of Rs. 9.00 per share (pre-bonus) paid for the financial year 2021-22. The record date for payment of final dividend would be fixed and intimated in due course, it added.
Shares of IOC on Tuesday closed 1.88 per cent higher at Rs 124.40 apiece on BSE.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today