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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.