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Riding on higher inventory gains, IndianOil on Tuesday reported a 40.28 per cent increase in net profit for the fourth quarter ended March 2018 at ₹5218.10 crore (₹3720.62 crore). The fourth quarter bottomline was, however, lower than the December quarter net profit of ₹7,883.22 crore.
The Gross Refinery Margin, or the gain per barrel of crude oil processed, stood at $8.49 a barrel for 2017-18. This is higher than the $7.77 per barrel GRM reported by the company last fiscal.
This GRM beats streets estimates on the back of higher inventory gains. During the fourth quarter of the financial year 2017-2018, the inventory gains stood at ₹3,442 crore. This was at ₹2,634 crore during the same quarter of the financial year 2016-2017.
In a filing to the exchanges, the company said that the board has recommended a final dividend of ₹2 per share (20 per cent on the paid-up equity share capital) for the financial year 2017-2018 subject to the approval of the shareholders at the ensuing Annual General Meeting.
This final dividend is in addition to the interim dividend of ₹19 a share paid for the financial year 2017-2018.
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