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Firms/companies > I > Indian Oil Corporation
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.
IndianOil, DBT and LanzaTech pioneer Technology to convert CO2 to Bio-Diesel and Omega-3 Fatty Acids
Kolkata, Dec 10: IndianOil and LanzaTech (USA) jointly hosted a virtual global media meet on the theme “Circular Economy Vision ? CO2 Valorization” to share details about the collaboration of two companies for a CO2 project and related vision of the future, where carbon turns from liability to a sustainable opportunity for all.
Tarun Kapoor, Secretary, Ministry of Petroleum & Natural Gas; Dr Renu Swarup, Secretary, Department of Bio-Technology (DBT); S M Vaidya, Chairman, IndianOil, Dr Jennifer Holmgren, CEO, LanzaTech and Dr S S V Ramakumar, Director (R&D), IndianOil, attended this event.