NEW DELHI: Indian Oil Corporation, the country’s largest oil marketing company, Monday said that its net profit soared 2.8 times to Rs 36,802 crore during the last financial year, compared with Rs 12,962 crore a year ago, partly driven by inventory gains.During the Jan-March quarter, IndiaOil’s net profit jumped over 1.5 times to Rs 11,378 crore, while revenue from operations was barely 7% higher at over Rs 2.3 lakh crore.Petroleum sales were higher by 5% to 89 million metric tonnes. While the company is losing money on every litre of petrol and diesel sold by it, the board recommended a final dividend of Rs 1.25 for every equity share with face value of Rs 10, with the Centre being the largest beneficiary.For a large part of the last financial year, however, the oil retailer was making profits on every litre of petrol and diesel sold at fuel pumps, helping strengthen its bottom line.The board also approved the formation of a 50:50 joint venture between M11 Energy Transition and IndianOil for setting up of 100 KTPA HEFA-based sustainable aviation fuel project in Paradip at an estimated project cost of Rs 1,064 crore.
