Indian Oil Corp announces 50% interim dividend-Check amount and record date

State-run Indian Oil Corporation (IOC) announced an interim dividend of 50%, which is ₹5 per equity share of the face value of ₹10 each on Tuesday, October 31, and fixed November 10 as the record date for determining the eligible shareholders for payment.

"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," the IOC said in an exchange filing.

For the year ending March 2023, Indian Oil Corporation has declared an equity dividend of 30.00% amounting to ₹3 per share. At the current share price of ₹87.90 this results in a dividend yield of 3.41%, as per Moneycontrol. The company has a good dividend track record and has consistently declared dividends for the last 5 years.

IOC also announced its financial results for the July–September quarter and half-year ended September 30, 2023, with revenue coming in at ₹1.80 lakh crore. A CNBC-TV18 poll estimated IOC Q2FY24 revenue at ₹2.12 lakh crore.

IOC reported a return to profitability with a net profit of ₹12,967.32 crore in the quarter ended September 30—more than half of its best-ever annual profit in just one quarter. The net profit—which came on the back of a boost in refining and marketing margin—compared to a loss of ₹272.35 crore in July-September 2022, according to a stock exchange filing by the company.

Besides robust refining margins, the profit was aided by a boost in marketing margins as a freeze on petrol and diesel price revision despite a fall in input crude oil prices helped recover losses incurred when rates were high last year. Pre-tax earnings from the sale of petroleum products soared to ₹17,755.95 crore in the second quarter of the current fiscal compared to ₹104.04 crore in the same period last year.