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Indian Oil's Attributable Profit Rises 78% Despite War Impact

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Indian Oil's Attributable Profit Rises 78% Despite War Impact

Indian Oil's (NSE:IOC, BOM:530965) attributable profit jumped 78% in the fiscal fourth quarter as the bottom line remained insulated from geopolitical shocks.

Attributable profit rose to 144.6 billion rupees in the fiscal fourth quarter ended March 31 from 81.2 billion rupees a year ago.

Earnings per share climbed to 10.50 rupees from 5.90 rupees in the prior-year period, according to a Monday filing to the Indian stock exchanges.

Profitability remained guarded from the impact of the war in the Middle East, as the oil company purchased stocks at normal prices before the conflict arose.

The company purchased three crude oil shipments at 54.1 billion rupees and five liquefied petroleum gas shipments at 6.19 billion rupees, which were waiting at the Persian Gulf and were covered by insurance, Indian Oil said.

Revenue from operations in the fiscal fourth quarter grew to 2.369 trillion rupees from 2.214 trillion rupees a year earlier.

Other income jumped 43% to 17.7 billion rupees from 12.4 billion rupees in the prior-year period.

Indian Oil recognized an impairment loss of 12.2 billion rupees from its investment in IndOil Global, it said.

Directors also recommended a final dividend of 1.25 rupees per share for the financial year ended March 31.

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