Indian Oil Corp Q4 Results: Profits drop, IOC commits to growth

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Synopsis:

Indian Oil Corporation, with a vast network of fuel stations across India, revealed its Q4 FY24 results on April 30, 2024. The company reported a significant 49.96% YoY decrease in consolidated net profit, reaching ₹5,148.87 crore. Standalone net profit plummeted by 40% to ₹4,837.69 crore. Revenue from Operations is ₹2,19,876 crores in Q4 2023-24 as compared to ₹2,26,492 crores in the corresponding quarter of last year. Despite challenges, IOC proposed a final dividend of ₹7 per equity share for FY24. In FY23, it topped the Fortune 500 list with notable financial achievements.

Data Points:

  • Q4 Standalone Net Profit: ₹4,838 crore; Down by 40%
  • Q4 Consolidated Net Profit: ₹5,148.87; Down by 49.96%
  • Q4 Revenue from operations: ₹2,23,649.85 crore
  • Final dividend: ₹7 per equity share

Introduction

With an extensive network of over 34,000 fuel stations that span across India, Indian Oil Corporation serves the everyday fuel needs of millions of Indians every day. The leading City Gas Distribution, CGD, player in the country, announced its Q4 reports for FY24 on 30th April 2024. Indian Oil Corporation Q4 results reported a significant 49.96% YoY decrease in its consolidated net profit, amounting to ₹5,148.87 crore for the quarter ending March 31 in FY24. During the same period last year (Q4FY23), the company reported a net profit of ₹10,289.82 crore.

The company's standalone net profit for the fourth quarter of FY24 plummeted by 40% to ₹4,837.69 crore. In the preceding quarter, the state-owned oil marketing company had reported a net profit of ₹8,063.39 crore. IOC's revenue from operations in Q4 for FY24 saw a decline amounting to ₹2,23,649.85 crore as compared to ₹2,26,892.08 crore in the last quarter. The Board of Directors have proposed a final dividend of ₹7 per equity share (with a face value of ₹10 per equity share) for FY24. This will be in addition to the interim dividend of ₹5 per equity share paid during the year.

Explore: Indian Oil Corp Ltd Share Price

Indian Oil Corporation Q4 Results: 5 Key Financial Highlights

  1. The net profit for the quarter dropped by 40% compared to the December quarter, amounting to ₹4,838 crore. India's largest refiner had recorded a net profit of ₹8,064 crore in the December quarter.
  2. The company reported a total income of ₹2,25,103.37 crore for Q4. This was a 2.96% decrease from ₹2,31,989.60 crore reported during the same quarter last year.
  3. During the fourth quarter, the other income rose by 1% YoY to ₹1,657 crore, compared to ₹1,638 crore in the corresponding period last year.
  4. IOC's Petroleum Products segment revenue declined to ₹2,08,28.9.68 crore from ₹2,08,28.9.68  crore, QoQ.
  5. Indian Oil recorded sales of 97.551 million tonnes of products, including exports during FY24.

Additional Read129 Indian Companies to Release Q4 Results

Indian Oil Corporation Q4 Results: Major Financial Metrics  (₹ in crores)

Metrics

Q4 FY 24

Q4 FY 23

FY24

FY23


Total Income (Consolidated) 

2,25,103.37

2,31,989.60

8,85,078.30

9,55,671.64


Total Expenses 

2,17,920.27 

2,18,320.50 

8,29,336.44 

9,41,496.14 


Profit/(Loss) before Tax

7,419.64 

13,758.6 

57,287.79 

15,037.69 


Total Comprehensive Income 

12,251.98 

11,160.19 

56,169.15 

11,415.90 

Operating Profit Before Working Capital Changes

-

-

76,795.16 

36,802.56 

Net Cash Flow generated from/ (used in) Operating Activities 

-

-

71,098.63 

29,643.72 

Segment Strength

Being a brand with one of the most extensive customer interfaces in India, IOC stands out as a top-tier player in the country's petrochemical landscape, boasting a production capacity of nearly 3200 KTA. In the fourth quarter of FY 2023-24, Indian Oil's product sales volumes, encompassing exports, amounted to 25.279 million tonnes. The refining throughput reached 18.282 million tonnes, while the throughput of the corporation's nationwide pipelines network stood at 24.593 million tonnes during the same period.

Additional Read: Quarterly Results

What the Future Holds for Indian Oil Corporation?

IndianOil, India's premier Energy PSU, clinched the top spot among Indian energy companies on the prestigious Fortune 500 list of 2023, securing the 94th rank. Notably, in the financial year 2022-23, the company achieved remarkable milestones, recording a Revenue from Operations of ₹9,51,409.94

 crores and a net profit of ₹9,792.12 crores. With a steadfast commitment to innovation and sustainability, IOC continues to navigate the petrochemical landscape with determination and foresight.

Additional ReadAnnual Results

Conclusion

Despite a notable decrease in consolidated net profit for Q4 FY24, Indian Oil Corporation (IOC) maintains a promising trajectory. Its extensive network of fuel stations, top spot on the Fortune 500 list in FY23, and robust financial performance underscore its resilience. IOC's proposed final dividend of ₹7 per equity share for FY24 reflects confidence in its future prospects, despite challenges.

Results for the Fourth Quarter and Full Year Ended March 31, 2024

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Frequently Asked Questions

What were the key financial highlights of Indian Oil Corporation Q4 results?

Answer Field

Indian Oil Corporation reported a significant 49.96% YoY decrease in consolidated net profit, amounting to ₹5,148.87 crore for the quarter ending March 31 in FY24. Additionally, the standalone net profit plummeted by 40% to ₹4,837.69 crore compared to the preceding quarter.

What dividends have been proposed by the Board as per Indian Oil Corporation Q4 results?

Answer Field

The Board of Directors have proposed a final dividend of ₹7 per equity share for FY24, in addition to the interim dividend of ₹5 per equity share paid during the year.

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