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Indian Oil net profit down 33pc at Rs. 6,285.35 cr in Q4

State-run Indian Oil Corp on Friday posted a standalone net profit of Rs. 6,285.35 crore for the quarter ended on March 31, 2015, down 33.06 per cent compared to that in the same period last year.

The company’s standalone net profit was Rs. 9,389.85 crore in the January-March quarter in 2013-14, the company said in a BSE filing.

According to the statement, the company’s consolidated net profit for 2014-15 was Rs. 4,912.02 crore compared to Rs. 7,085.59 crore in 2013-14.

It said that the average gross refining margin for January-March quarter was USD 8.77 per barrel compared to USD 2.17 in same quarter a year ago.

However, as per its statement, its refining margin has come down to USD 0.27 per barrel in 2014-15 from USD 4.24 in the previous fiscal.

The gross refining margin of the company in 2014-15 was lower mainly on account of inventory valuation loss of Rs. 15,600 crore which translates into USD 6.46 per barrel.

In a separate BSE filing, Indian Oil Corporation Ltd said that the Board of Directors of the company at its meeting held on May 29, 2015, inter alia, has recommended dividend of Rs. 6.60 per equity share (face value Rs. 10 per equity share).

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