IOC stock plunges over 4% as Q4 net profit tanks by half

Shares of Indian Oil Corporation IOC on Tuesday declined over 4 per cent after the company reported a halving of its March quarter net profit.The stock dropped 4.44 per cent to settle at Rs 168.95 apiece on the BSE.

Shares of Indian Oil Corporation (IOC) on Tuesday declined over 4 per cent after the company reported a halving of its March quarter net profit.

The stock dropped 4.44 per cent to settle at Rs 168.95 apiece on the BSE. During the day, it tanked 4.97 per cent to Rs 168.

On the NSE, it declined 4.46 per cent to finish the trade at Rs 168.85.

In volume terms, 48.93 lakh shares of the company were traded on the BSE and 675.30 lakh shares exchanged hands on the NSE during the day.

Indian Oil Corporation on Tuesday reported a halving of its March quarter net profit largely because of losses in the petrochemical business and shrinking margin after it announced a pre-election fuel price cut despite rising input costs.

The net profit of Rs 4,837.69 crore in January-March compared to Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding October-December quarter, according to a stock exchange filing by the company.

Profit was lower as refining margins dipped, the petrochemical segment turned negative, and the firm, last month, cut petrol and diesel prices by Rs 2 per litre each despite crude oil prices edging up. Also, the company was not compensated for the Rs 1,017 crore loss it incurred on holding domestic cooking gas prices by the government, according to the filing.

However, in the full-fiscal 2023-24 (April 2023 to March 2024), India's top oil firm posted its highest-ever net profit of Rs 39,618.84 crore, larger than Rs 24,184.10 crore it had recorded in 2021-22.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)