Business

Indian Oil's profit jumps 17 pc to Rs 6,099 crore in FY 19

ANI | May 17, 2019 04:11 PM
lndian Oil is recognised as one of India's most valuable companies

Mumbai (Maharashtra) [India], May 17 (ANI): Indian Oil Corporation (IOC) on Friday reported net profit at Rs 6,099 crore during the March quarter of financial year 2018-19, up 17 per cent from Rs 5,218 crore in the year-ago quarter.

Total income for the quarter was Rs 145,531 crore, up 6 per cent against its Rs 136,964 in the corresponding quarter of the previous fiscal.

The average gross refining margin (GRM) during April 2018 to March 2019 fell to 5.41 dollars per barrel against 8.49 dollars per barrel in the previous financial year, the oil marketing major said in a statement.

The company's board of directors recommended the final dividend of Re 1 per equity share. This is in addition to the interim dividend of nearly Rs 8.25 per equity share paid during the year, the oil marketing company said.

IOC bought back 29.76 crore equity shares at a price of Rs 149 per equity share in cash for aggregate consideration of Rs 4,435 crore. The process of buyback was completed on February 14.

Accordingly, the paid up equity share capital was reduced by Rs 297.65 crore and other equity is reduced by Rs 4,137.35 crore.

Besides this, buy back expenses of Rs 7.8 crore net of tax is also reduced from other equity.

(ANI)

Have something to say? Post your comment
Must Read
AAP legislators meet ailing Brahmpura at PGI, wish him speedy recovery
AAP legislators meet ailing Brahmpura at PGI, wish him speedy recovery
2nd International Conference of Pharmacy: MRSPTU Research scholar shine by winning best research prize on malaria disease
2nd International Conference of Pharmacy: MRSPTU Research scholar shine by winning best research prize on malaria disease
Rana Gurmit Singh Sodhi flags off 4th Shivalik Hill Drive Car rally
Rana Gurmit Singh Sodhi flags off 4th Shivalik Hill Drive Car rally
Govt should resolve sheller owners’ issue soon to save farmers' from being ‘fleeced’ by ‘mandi’ mafia: Bhagwant Mann
Govt should resolve sheller owners’ issue soon to save farmers' from being ‘fleeced’ by ‘mandi’ mafia: Bhagwant Mann
EC announces schedule of bypolls for Phagwara, Mukerian, Dakha and Jalalabad constituencies
EC announces schedule of bypolls for Phagwara, Mukerian, Dakha and Jalalabad constituencies
Anti-larva teams detect 15 cases of dengue larva in city
Anti-larva teams detect 15 cases of dengue larva in city
EC asks parties not to use plastic, polythene  in poll material
EC asks parties not to use plastic, polythene in poll material
Get 10 Arm license services through e-Sewa
Get 10 Arm license services through e-Sewa
Thousands of crores would be saved through reverse tendering of projects bidded under TDP regime: AP Irrigation Minister
Thousands of crores would be saved through reverse tendering of projects bidded under TDP regime: AP Irrigation Minister
By-elections for 1 LS, 64 Assembly to be held  on Oct 21
By-elections for 1 LS, 64 Assembly to be held on Oct 21
Hrithik and Tiger dance face off in 'Jai Jai Shivshankar' from 'War' will leave you spellbound!
Hrithik and Tiger dance face off in 'Jai Jai Shivshankar' from 'War' will leave you spellbound!
Navratri celebrations in Rajkot: Craftsmen portray message of united India and Article 370 through art
Navratri celebrations in Rajkot: Craftsmen portray message of united India and Article 370 through art