IOC Q4 results: Net profit drops 52% YoY to ₹4,838 cr, revenue down 3%; shares slide

Indian Oil Corporation (IOC) reported a standalone net profit of ₹4,838 crore in the quarter ended March 31, 2024 (Q4FY24), which is 52% lower as compared to the year-ago period, a regulatory filing showed on Tuesday, April 30.

In the January-March quarter of the previous fiscal year (Q4FY23), the company’s net profit was double at ₹10,059 crore.

Sequentially, the net profit declined in Q4FY24 by 40% as compared to ₹8,063 crore posted in the December 2023 quarter.

After the results were declared, IOC shares faced a steep slide on the bourses. The stock market was visibly unimpressed by the company’s quarterly performance, as the scrip hit the day's lowest at ₹167.85 on the NSE, down 4.5% as against the previous day's close.

IOC's standalone revenue from operations in March 2024 quarter came in at ₹2.26 lakh crore, down 3% as compared to ₹2.19 lakh crore in the same quarter a year ago. Quarter-on-quarter, the revenue from operations dropped marginally by 1%.

The state-run oil marketing company reported an earnings before interest, taxes, depreciation and ammortisation (EBITDA) of ₹10,435 crore in Q4FY24, down 33% as against ₹15,488 crore in the preceding quarter. The margins declined by 250 basis points to 5.3%, as compared to 7.8% in Q3FY24.

Dividend declared

IOC said its board of directors gave the nod for the payout of a final dividend of ₹7 per equity share, subject to approval from the shareholders at the upcoming annual general meeting.

The record date to determine the shareholders eligible to receive the dividend, along with the tentative date for its dispatch, will be shared in due course, the company noted.

At closing bell, the shares settled 4.4% lower at ₹168.95 apiece on the NSE.