What were the highlights of the quarterly numbers of IOCL for the March 2022 quarter?

India’s largest company, Indian Oil Corporation, reported -31.4% lower net profits for Q4FY22 at Rs6,022 crore due to pressure on petchem margins in the quarter. However, for the full year FY22, net profits announced by IOCL set a new life-time record for the counter.

Revenues for the quarter were up 26.1% yoy at Rs206,461 crore for Q4FY22. There was a sharp margin squeeze in petchem. BPCL also suffered losses in the retail business as prices were not increased for 4 months amidst rising crude prices. The refining GRM of $11.25/bbl was offset by weak petchem margins. IOCL has also announced a bonus issue in the ratio of one-for-two shares. In addition, it paid a final dividend of Rs.3.60 per share pre-bonus.