Maharatna Company Sets Record Date For Rs 3/Share Dividend

Indian Oil Corporation Ltd (IOCL) is a Maharatna CPSE that recorded a market cap of Rs 1,35,874.56 Cr during Thursday's closing session. The company has declared a final dividend of 30% for FY23 and for the purpose of the same record date has been made public.

"Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, it is hereby informed that the Company has fixed Friday, 28" July 2023 as the "Record date" for the purpose of ascertaining the eligibility of members for payment of final dividend of Rs. 3/- (Rupees Three Only) per equity share on the face value of Rs. 10/- each for the year 2022-23. The final dividend, if approved by the members in the forthcoming AGM, will be paid to the eligible members within the stipulated period of 30 days from the date of AGM," said IOCL in a stock exchange filing on Thursday.

An equity dividend of 30.00% with a face value of Rs 10 or Rs 3 per share has been issued by Indian Oil Corporation for the financial year ended March 2023. A dividend yield of 3.12% is generated at the current share price of Rs 96.22. The company has routinely issued dividends for the past five years and has a strong dividend track record. Since August 27, 2001, Indian Oil Corporation Ltd. has issued 36 dividends, according to statistics from Trendlyne.

IOCL only recently disclosed its plan to raise Rs 22,000 crore through a rights issue. The business also announced on July 7 that it would establish a 50:50 joint venture with Sun Mobility Singapore for a battery-swapping business in India. IOCL will invest Rs 1,800 crore in Sun Mobility Singapore throughout FY26-27. The board of IOCL has also given the go-ahead for an investment of $78.31 million in IOCL Singapore, a wholly-owned subsidiary of IOCL, for the purpose of acquiring warrants and preference shares of Sun Mobility Singapore.

Indian Oil's net profit for the entire fiscal year that ended in March 2023 was Rs 11,704 crore as opposed to Rs 25,726 crore in fiscal 2022. From Rs 7.36 lakh crore in FY22 to Rs 9.51 lakh crore in FY23, revenues climbed by 29%. In the quarter that ended in March, Indian Oil Corp.'s consolidated net profit grew by 52% to Rs 10,841 crore from Rs 7,089 crore in the same quarter of FY22. In Q4FY23, revenue from operations climbed 10% (YoY), from Rs 2.09 lakh crore in Q4FY22 to Rs 2.30 lakh crore. The company is yet to declare its Q1FY24 results.

On Thursday, the shares of Indian Oil Corporation closed on the BSE at Rs 96.22 apiece down by 1.72% from the previous close of Rs 97.90. The stock made a 52-week-high of Rs 101.44 on (10/07/2023) and a 52-week-low of Rs 65.20 on (29/09/2022). During Q4FY23, the company reported promoter shareholding of 51.50%, FIIs stake of 6.91%, DIIs stake of 11.92%, Govt stake of 19.60% and public stake of 10.06%.