Indian Oil’s Q4 net zooms to Rs12,670 crore; full year profit down at Rs3,955 crore
28 May 2012
Indian Oil Corporation Ltd, the country's largest fuel marketing company, has reported a net profit of Rs12,670 crore for fiscal fourth quarter ended 31 March 2012, against Rs3,905 crore in the corresponding quarter of 2010-11.
The gains are mainly from government compensation received in current quarter for earlier quarters of 2011-12, Indian Oil said in a release today.
Turnover during the January-March 2012 quarter went up by 19.7 per cent to Rs1,12,267 crore compared to the corresponding quarter of 2010-11.
Net profit for the financial year 2011-12, however, has been lower at Rs3,955 crore, compared to a net profit of Rs7,445 crore during the previous financial year.
Turnover for the financial year 2011-12 rose 24.7 per cent to Rs4,09,957 crore (also the highest ever) from Rs3,28,652 crore during 2010-11.
The board of directors of Indian Oil, which reviewed the performance of the company at its meeting today, said the reduction in annual profit has been mainly due to higher interest cost of Rs2,918 crore on account of delay in receipt of compensation from the government.