Indian Oil Corporation (IOCL) reported a net profit of Rs 5,860.8 crore on a standalone basis for the quarter ended December 31, recording a 19.2% rise from the same period a year ago. The state-run oil refining and marketing company attributed the increase in profit to higher refinery margins. The rise in profit was also supported by the company’s tax expenses falling 43.8% annually to Rs 1,618.8 crore in the quarter. IOCL’s board on Monday has also declared an interim dividend of Rs 4 per equity share for FY22. This is in addition to the Rs 5 per equity share interim dividend paid during the period by the company.
