Revenue from operations (excluding excise duty) declined 2.47% to Rs 1,97,978.23 crore in the quarter ended 31 March 2024 from Rs 2,02,994.07 crore posted in Q4 FY23.
The company experienced a 48.15% decrease in profit before tax of Rs 6,332.30 crore in Q4 FY24 compared to Rs 12,214.96 in the same period a year ago.
Domestic sales rose 3.49% to 23.737 million metric tons (MMT) while export sales jumped 11.57% to 1.542 MMT in Q4 FY24 over Q4 FY23.
The refineries throughput was 18.282 MMT (down 4.66% YoY) and the pipelines throughput was 24.593 MMT (down 2.78% YoY) during the period under review.
The company's revenue from Petroleum Products stood at Rs 2,08,289.68 crore (down 4%), Petrochemicals revenue was at Rs 6,908.50 crore (up 9.97%) while revenue from other business activities came in at Rs 9,891.53 crore (up 23.22%) during the quarter.
Average Gross Refining Margin (GRM) for the period April – March 2024 is $12.05 per bbl (April- March 2023: $19.52 per bbl). The core GRM or the current price GRM for the period April- March 2024 after offsetting inventory loss/ gain comes to $11.44 per bbl.
On full year basis, the company reported standalone net profit to Rs 39,618.84 crore in FY24, steeply higher than 8,241.82 crore recorded in FY23. Revenue from operations (excluding excise duty) declined 7.75% YoY to Rs 7,74,348.59 in FY24.
Meanwhile, the company's board has declared a final dividend of Rs 7.00 per share for FY24.
Further, the board has approved implementation of a 1 GW renewable energy (RE) project comprising standalone ground-mounted solar, onshore wind, or wind-solar hybrid projects. The estimated cost is Rs 5,215 crore to be implemented in a phased manner through wholly owned subsidiary. The board has also approved a total investment of Rs 6,518.75 crore (including Rs 5,215 crore project cost and Rs 1,303.75 crore equity) for the said project.
Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 March 2024, the Government of India held 51.50% stake in the company.