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IOC Q4 net profit up 79% at Rs8,781 crore on lower tax outgo
24 May 2021
State-run oil refining and marketing major Indian Oil Corporation has reported a net profit of Rs8,781 crore for the fourth quarter of fiscal 2020-21, a 78.9 per cent increase from the previous quarter, on the back of lower tax outgo, the corporation stated in an stock exchange filing.
IOC’s tax outgo declined 24.6 per cent from the previous quarter while revenue grew over 9.8 per cent compared with growth in total expenditure, resulting in higher profit.
Revenue rose 16.3 per cent to Rs1.24 lakh crore, while operating profit rose 40.3 per cent to Rs13,502 crore. Other income declined 13.2 per cent to Rs1,102 crore. Operating margin expanded to 10.9 per cent from 9 per cent.
Indian Oil, Greenstat Norway s subsidiary to setup Centre of Excellence on Hydrogen autocarpro.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from autocarpro.in Daily Mail and Mail on Sunday newspapers.
Petroleum Minister Dharmendra Pradhan and Norwegian Ambassador to India, Hans Jacob Frydenlund at the signing ceremony between Indian Oil R&D and Greenstat Hydrogen to set up a CoE on Hydrogen.
State-run oil marketing company Indian Oil (IOCL) is gearing up to be future ready, and in fact looking at various future energy needs be it electric vehicle charging and battery swapping, aluminium-air batteries, or the latest being hydrogen fuel cell.
IOCL recently signed a statement of intent with Greenstat Hydrogen India, a subsidiary of Greenstate Norway for setting up a Centre of Excellence on Hydrogen. This association aims to develop a Centre of Excellence on Hydrogen (CoE-H) including CCUS and Fuel Cells by Indian Oil and Greenstat for clean energy in cooperation with Indo-Norwegian Hydrogen Cluster companies/organisations.
We see hydrogen as future energy , says Dharmendra Pradhan ANI | Updated: Feb 19, 2021 00:00 IST
New Delhi [India], February 18 (ANI): Petroleum and Natural Gas Minister Dharmendra Pradhan on Thursday witnessed the signing of a statement of intent between IndianOil Corp and Greenstat Hydrogen India for setting up of Centre of Excellence on Hydrogen.
Speaking on the occasion, the minister talked about the importance that the government is giving to the exploration of new and emerging forms of energy. We see hydrogen as the future energy, he said.
He also expressed happiness at the encouraging results shown by the pilot project under which 50 buses in Delhi are running on hydrogen-CNG fuel.