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IOC Q3 net at Rs 7,883 cr, nearly doubles on higher sales

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New Delhi, Jan 30 (IANS) State-run India Oil Corp (IOC) on Tuesday declared a near doubling in its net profit at Rs 7,883.22 crore for the third quarter ended in December over the same period last year, mainly on the back of higher sales.

The company had reported a net profit of Rs 3,994.91 crore in the same quarter of the last fiscal.

The rise was even sharper sequentially with the oil marketing company (OMC) posting a profit after tax of Rs 3,696 crore in the previous quarter.

IOC’s revenue for the quarter in consideration increased to Rs 1,30,865 crore as compared to Rs 1,15,630 crore in the corresponding quarter of 2017, the company said in a stock exchange filing following a meeting of its board of directors.

The OMC posted a higher gross refining margin (GRM), on converting each barrel of crude to petroleum products, for the April-December period of the fiscal at $8.28 per barrel as against the GRM of $7.36 for the same nine months of 2017.

The refiner said it has accounted for a lower budgetary support of Rs 2,249.92 crore for the first nine months of the current fiscal (April-December), compared to Rs 3,879.73 crore received in the corresponding period of 2017.

Indian Oil said that during the first quarter it settled its liability for entry tax in Haryana.

“During the quarter April-June 2017, the company has settled its liability for entry tax in Haryana, including interest, and consequently, an amount of Rs 2,808.05 crore, being no more provision required has been written back,” it said.

Following the government’s October 2017 decision on revised pay and allowances of employees, IOC said on Tuesday that it has provided for an estimated liability on the account.

“The pay revision implementation is in process and the company does not anticipate any major change in liability on this account,” the oil marketer said.

The IOC Board on Tuesday also declared an interim dividend for the fiscal as well as to issue bonus shares.

“Board of IndianOil has declared an interim dividend of Rs 19 per share of Rs 10 each (that is, at 190 per cent on the paid up equity share capital) for the financial year 2017-18,” the filing said.

“It is further informed that the Board has recommended issue of bonus shares in the ratio of 1:1,” it added.

The IOC stock was trading at Rs 415.40 a share at 3.16 p.m. on Tuesday, up Rs 16.65, or by 4.18 per cent, on its previous close on the BSE.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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