IOC net tanks 31% in Q4 on fuel price freeze but company ends FY22 with record profit, revenue
NEW DELHI: Long spells of fuel price freeze amid rising crude dragged down state-run IndianOil’s net profit by more than 31% to Rs 6,021.8 crore in the fourth quarter of 2021-22 from Rs 8,781.3 crore a year ago.
But still, India’s largest oil refiner and fuel retailer closed the financial year with highest-ever profit of Rs 24,184 crore, 10% higher than Rs 21,836.04 crore posted in 2020-21.
Despite the under-recovery on petrol and diesel, the company on Tuesday reported standalone revenue of Rs 7.28 lakh crore — excluding GST (goods and services tax) on products that goes to the exchequer — during the fiscal, the highest for an Indian company.
