The state-run oil retailer, Indian Oil Corporation Limited (IOCL), on 30 April, announced its quarterly earnings for January-March. 

In its quarterly report, the company reported a 49% year-on-year decline in its consolidated net profit to Rs 5,487.92 crore for the quarter under review from Rs 10,841.23 crore reported in the same quarter last year. The decline in net profit comes as crude oil prices grew 16% during the first three months of 2024.

The revenue during the quarter stood at Rs 2.23 lakh crore, marking a marginal decline from Rs 2.30 lakh crore reported in the same quarter of the previous quarter last year. 

Earnings before interest, tax, depreciation and amortisation (EBITDA) during the quarter declined by 26% YoY to Rs 13,660.5 crore during the quarter under review from Rs 18,491.55 crore reported in Q4FY23. 

The Board of Directors of the company also announced an interim dividend of Rs 7 per share for the fiscal year 2024.

The company achieved domestic product sales of 23.737 million metric tonnes during the quarter, whereas its export sales stood at 1.542 million metric tonnes in Q4. 

The company’s board has also approved an investment of Rs 1,303.75 crore as equity in the subsidiary.