Indian Oil Corporation (IOC) on Thursday reported a 14.5 per cent rise in net profit at Rs.14,513 crore for the fourth quarter ended March 31, 2013, mainly due to higher compensation for under-recoveries in the quarter pertaining to earlier quarter. It had reported a net profit of Rs.12,670.43 crore in the year-ago period, IOC Chairman R. S. Butola told reporters here.
Income from operations went up by 10 per cent to Rs.12,8681 crore from Rs.11,7281 crore.
The government did not pay any cash subsidy in the third quarter and released a total amount in the quarter under review. Of the Rs.53,278.07 crore cash subsidy paid by the government for selling diesel and cooking fuel below cost in 2012-13 fiscal, IOC got Rs.23,709.54 crore in the fourth quarter alone.
Of the Rs.85,793 crore in revenue it lost on selling diesel and cooking fuel below cost during the full fiscal, it got Rs.53,278.07 crore from the government and another Rs.31,966.84 crore from upstream firms such as ONGC, he said.
“After accounting for the cash subsidy and upstream assistance, we absorbed Rs.548.49 crore under-recoveries (revenue loss),” he said, adding that the company lost another Rs.485 crore on not revising rates of deregulated petrol. IOC earned $2.39 on turning every barrel of crude oil into fuel in Q4 as compared to $2.26 a barrel gross refining margin in the same period in the previous year.
The board recommended a dividend of Rs.6.20 per share.
For the whole of 2012-13, the company reported a net profit of Rs.5,005.17 crore, up 26.5 per cent from Rs.3,954.62 crore in 2011-12. Its turnover rose 12 per cent to Rs.447,096 crore from Rs.398,477 crore.
IOC plans to invest Rs.11,277 crore in the current fiscal as compared to Rs.9,378 crore in 2012-13, Mr. Butola said, adding the company had a planned capex of Rs.56,200 crore in the XII Plan (2012-17) against Rs.48,655 crore in the XI Plan.