Indian Oil Corporation on Wednesday announced the formation of a new wholly-owned subsidiary (WOS) in India, which will focus on clean and green energy businesses.
India's largest oil refiner informed the bourses that its board at the meeting held on March 14, approved to form a new subsidiary in India, which will operate in the clean, low carbon, and green energy segments.
The formation of the new subsidiary is subject to the approval of NITI Aayog, DIPAM and other government bodies, the oil refining major said.
The proposed subsidiary of Indian Oil will focus on the company’s low carbon and green energy business for meeting its operational requirements aimed at the net zero target.
The company returned to profitability during the December quarter, with a net profit Rs 448 crore compared to a net loss of Rs 272 crore in the preceding quarter.
However, the net profit figure failed to meet the CNBC-TV18 poll expectation of Rs 3,226 crore, missing the target by 86.1 percent. The reason behind this was the losses in the petchem segment, which widened to Rs 616 crore from Rs 129 crore during the September quarter, due to the shutdown at Indian Oil's Panipat refinery, leading to a volume loss.
Its revenue in the December quarter dipped 1.4 percent sequentially to Rs 2.04 lakh crore, but was higher than the street estimates of Rs 1.98 lakh crore.
Indian Oil’s operating profit margin declined by 200 basis points to 1.8 percent from the CNBC-TV18 poll of 3.8 percent.
Shares of Indian Oil Corporation ended 1.2 percent higher at Rs 78.60.
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