Indian Oil Corporation Declares Interim Dividend Of 50%; Check Record Date, Dividend Payment Date Here

The share price of Indian Oil Corporation Ltd closed higher on Tuesday after the company declared an interim dividend of 50%, declared an Interim Dividend of 50% i.e. Rs. 5 per equity share of a face value of Rs.10 each, in its results for the quarter and half year ended September 30, 2023. IOC shares closed 1.64% higher at Rs 89.71 per share today.

The company has fixed November 10, 2023, as the "record date" for the purpose of ascertaining the eligibility of shareholders for payment of interim dividend. The Interim Dividend is expected to be paid to eligible shareholders on or before November 30, 2023.

The company is said to have a good dividend track record and has consistently declared dividends for the last 5 years.

In its Q2FY24 results, the state-run downstream refining company has reported a net profit of Rs 12,967 crore in Q2FY24, down almost 6% on a sequential basis but better than what analysts at Dalal Street had estimated. According to the results, the rise in the country's largest PSU oil refiner's Q2 FY24 net profit was driven by lower crude oil input costs and inventory gains.

Following the announcement of the company's Q2 results, IOC shares gained 1.78% at Rs 89.83 per share at 2:55 pm IST.

Indian Oil Corporation's revenue from operations for the July-September quarter declined 11% to Rs 2,02,312.04 crore compared to Rs 2,21,145.42 crore in the same quarter last year. The state-run average gross refining margin (GRM) for the initial half of April-September 2023 stood at $13.12 per barrel against $25.49 per barrel in the year-ago period.
IOC posted a 3.8% quarter-on-quarter (QoQ) decline in EBITDA to Rs 21,313 crore for the July-September period, higher than analysts' expectations.

The PSU oil marketing company's margin expanded by 70 basis points (bps) on a sequential basis to 11.9% for the September quarter.

The company's average Gross Refining Margin (GRM) for the period April- September 2023 is $13.12 per bbl (April- September 2022: $25.49 per bbl). The core GRM or the current price GRM for the period April- September 2023 after offsetting inventory loss/ gain comes to $12.60 per bbl.

In an exchange filing on Tuesday, the company said, "The Board has declared an Interim Dividend of 50% i.e. Rs. 5/- per equity share of face value of Rs.10/- each for the year 2023-2024. It may also be noted that pursuant to Regulation 42 of SEBI (LODR), the Board has fixed Friday, 10th November 2023 as the "record date" for the purpose of ascertaining the eligibility of shareholders for payment of interim dividend. The Interim Dividend would be paid to eligible shareholders on or before 30th November 2023."