IOC posts highest revenue in FY22 by any Indian firm

Indian Oil Corporation (IOC) on Tuesday posted the highest revenue by any Indian company at ~7.28 trillion or $96 billion (standalone). Consolidated revenue, after including earnings of subsidiaries like CPCL, came at ~7.36 trillion.

Despite this, it reported a 31.4 per cent drop in the fourth quarter net profit as record refining margins were wiped away by a margin squeeze in petrochemicals and losses on auto fuel sales.

For the full fiscal year 2021-22 (April 2021 to March 2022), IOC reported the highest ever net profit of ~24,184.10 crore, up from ~21,836.04 crore last year. “This is the highest profit by IOC ever,” Gupta said.

For FY22, Reliance Industries had reported a net profit of ~60,705 crore.

Reliance had earlier this month reported ~7.92 trillion revenue for the financial year FY22. This was claimed to be the highest ever by an Indian company but it included GST, which the company collected on behalf of the government on sale of products and is obligated to transfer to the government.

IOC revenues do not contain the GST element.

IOC’S standalone net profit stood at ~6,021.88 crore, or ~6.56 a share, in January-march,

compared with ~8,781.30 crore, or ~9.56 per share, in the same period a year back, the company said in a stock exchange filing.

Sequentially, the profit was higher than ~5,860.80 crore in the previous quarter.

According to stock exchange filing, IOC made record margins on turning crude oil into fuel but they were wiped away by lower cracks on naphtha as well as losses on petrol, diesel and domestic LPG sales.