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.

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

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

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.

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

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

Source: Moneycontrol