Mumbai: Indian Oil Corporation Ltd (IOCL), India’s largest refiner and fuel retailer, has earmarked ₹25,000 crore for 2019-20 to expand its operations, of which ₹4,000 crore will be spent on BS-VI upgradation, IOCL told analysts after its fourth-quarter results announced on 17 May. At ₹25,000 crore, the capex is down 5.6% year-on-year.
“Capex this year is only ₹25,000 crores and with robust internal accruals that we are predicting, we are estimating probably we will have a marginal growth in debt,” the IOCL management said in a conference call for analysts.
On 17 May, IOCL reported a 17% rise in its fourth quarter profit, driven by foreign exchange gains. Profit rose to ₹6,099 crore in Jan-March from ₹5,218 crore in the year-ago period. Revenue from operations grew 5.6% to ₹1,44,472 crore.
