(20 second reading) Indian Oil Corporation, a state-owned oil company, has reported a decline in its standalone net profit for the March quarter. The company’s net profit fell by 52 percent to Rs 4,838 crore. It was Rs 10,059 crore in the same period last year.
During the fourth quarter, IOC’s revenue from operations also witnessed a decrease of 3 percent, amounting to Rs 2.19 lakh crore as against Rs 2.26 lakh crore in the corresponding quarter of the previous year. Despite the decline in profits, the company’s Board has recommended a final dividend of Rs 7 per share for the fiscal year 2023-24