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This article is more than 3 year old.

Indian Oil Corporation's net profit up 40%, domestic petroleum product sales surge

Indian Oil Corporation's net profit up 40%, domestic petroleum product sales surge
The Indian Oil Corporation (IOC) reported 40% jump in the March quarter net profit to Rs 5,218 crore on Tuesday.
The company reported revenue of Rs 1.36 lakh crore, a rise of 10% from last financial year's corresponding period.
The average gross refining margin for the period — April 2017 to March 2018 is at $ 8.49 per barrel, the company said.
The company sold 20.8 million tonnes of petroleum products during the last quarter of 2017-18, higher than 19.64 million tonnes domestic sales a year-ago.
Exports too were up at 1.76 million tonnes from 1.46 million tonnes.
In the boardroom discussion, the company said that it took a call to moderate petroleum product prices during April 24-May 13, 2018 due to volatility in prices.
It also said that geopolitical risks and other factors are governing the petroleum product prices.
On the on going issue of US sanction on Iran, the company said that the sanctions' impact depends on how it unfolds, adding that it is working on an alternative for crude import.
The board of the company recommended a final dividend of Rs 2 per share for the financial year 2017-18.
This is in addition to the interim dividend of Rs 19 per share paid earlier.
 
With inputs from PTI
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