IOC Q1 net profit up 25.4% YoY to Rs 8,270 crore; board approves 1:1 bonus

NEW DELHI: India Oil Corporation on Monday reported a 25.4 per cent year-on-year (YoY) growth in net profit for the quarter ended June 30 at Rs 8,270 crore, which was higher than consensus analysts’ estimate of Rs 4,472 crore made in an ETNow poll.

The company has reported a net profit of Rs 6,590 crore in the year-ago period.

The IOC board has recommended issue of bonus shares in the ratio of one equity share of Rs 10 for one existing equity share of Rs 10 each. Average gross refining margin for the quarter ended June stood at $9.98 per barrel compared with $10.77 reported for the year-ago period.

Total sales slipped marginally by 6.1 per cent to Rs 1.07 lakh crore for the quarter ended June 30 from Rs 1.14 lakh crore reported for the year-ago period.