Indian Oil Corporation (IOC) has reported a standalone revenue of Rs 7.28 lakh crore or USD 96 billion for the fiscal year ended March 2022, which is the highest-ever revenue clocked by an Indian company in a financial year.
The company, however, posted a 31.4 per cent drop in its Q4 standalone net profit at Rs 6,021.88 crore, or Rs 6.56 a share, in January-March 2022 as against Rs 8,781.30 crore, or Rs 9.56 per share, in the same period a year earlier, a BSE filing showed. Sequentially, its net profit was higher than Rs 5,860.80 crore in the October-December 2021 quarter.
For the fiscal year 2021-22, IOC registered the highest-ever revenue by any Indian company at Rs 7.28 lakh crore. Its consolidated revenue, after including earnings of subsidiaries like CPCL, came in at Rs 7.36 lakh crore.
Mukesh Ambani’s Reliance Industries Ltd had earlier this month reported Rs 7.92 lakh crore revenue for the fiscal FY22. This was claimed to be the highest ever by an Indian company but it included GST, which the company collected on behalf of the government on sale of products and is obligated to transfer to the government, as explained by a PTI report.
IOC revenues do not contain the GST element. “IOC reported the highest-ever revenue from operations by any corporate during FY22,” PTI quoted company director-finance Sandeep Gupta as saying.
For the full fiscal 2021-22 (April 2021 to March 2022), IOC reported the highest ever net profit of Rs 24,184.10 crore, up from Rs 21,836.04 crore last year. “This is the highest profit by IOC ever,” he said.
For the fiscal year 2021-22, Reliance Industries had reported a net profit of Rs 60,705 crore.
According to stock exchange filing, IOC made record margins on turning crude oil into fuel but they were wiped away by lower cracks on naphtha as well as losses on petrol, diesel and domestic LPG sales.
IOC earned USD 18.54 on turning every barrel of crude oil into fuel during January-March as compared to USD 10.59 per barrel gross refining margin a year back.
