IOC’s net profit for FY 17-18 increases to Rs.21,346 crore


Indian Oil Corporation (IOC), the largest oil company in the country released its results for FY 2017-2018, with the oil giant registering a whopping Rs.21,346 crore net profit for the year. This was 11 per cent higher than the profit recorded the previous financial year. IOC’s profit in FY16-17 was Rs.19,106 crore.

Indian Oil registered an increase in its fiscal profits.

Q4 profit stood at Rs.5,218 crore, and while this is lower than the Q3 profit of Rs.7,883 crore, it was 40 per cent higher than the Q4 profit of the last financial year.

IOC also registered an increase in its operational revenue, with it being Rs.1,36.733 crore in Q4 of FY17-18. The same was Rs.1,30,865 crore for Q3 of the same year.

Following its impressive performance the Board of Directors has recommended a dividend of Rs.2 for each share held by shareholders. The company had already paid an interim dividend of Rs.19 per share, with this being on top of the interim dividend.

In terms of volumes, IOC sold over 88 million tonnes of product during the year. This included exports volumes of 7.27 million metric tonnes. It also registered LPG sales volumes of 10.8 million metric tonnes during the period, adding 1.3 crore new connections.

The pipeline network of IOC currently stands at 13,400 km. In addition to offering its products and services in India, IOC is also present in Sri Lanka, Mauritius, and the Middle East.

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