IOC Shares Tank Neraly 5%; Quarterly Results Out

IOC Shares Tank Nearly 5%; Quarterly Results Out

Indian Oil Corporation released its quarterly reports yesterday, showing a 31.4 percent decline in its net profit in Q4FY22 to Rs 6,022.

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The company's net profit may decline sequentially, but the IOC reported the highest ever net profit for the year ended March 2022.

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The state-run oil company reported revenue of Rs 2,06,461 crore during the quarter under review.

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IOC reported a record high revenue of Rs 728,460 crore for the year 2021-22 as against Rs 5,14,890 crore in the previous financial year.

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IOC Shares were trading 5.02% or 6.25 points down at 118.15 rupees at 15:15 in NSE.

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The fourth quarter's result decline due to the margin squeeze in petrochemicals and a loss in auto fuel sales.

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