Indian Oil Corporation shares surged over 3% on Tuesday to hit a new 52-week high of ₹87.65 after the company posted its earnings for the March quarter.
What Happened: The company’s standalone revenue from operations was up over 8% at ₹2.26 lakh crore as against ₹2.09 lakh crore revenue it booked in the same quarter last year. A major chunk of the revenue came from the company’s Petroleum Products segment which raked in revenue of ₹2.16 lakh crore.
See Also: ONGC, Oil Stocks Trade Higher After Cut To Windfall Tax
EBITDA for the quarter stood at ₹15,339 crore. The company’s net profit stood at ₹10,058.69 crore, up 40% year-over-year beating consensus estimates of around ₹7,000 crore. Earnings per share for the quarter stood at ₹7.30. The company also announced a ₹3/share dividend for the year ended March 2023.
Reacting to the results, ICICI Direct told Benzinga that the company’s operating profit and net profits beat the brokerage firm’s estimates. The firm attributed the strong numbers ” to strong refining margins and improvement in marketing segment performance.”
The stock that had been trading higher today ahead of the results saw a sharp jump as soon as the results came out at around 1:55 pm.
Price Action: IOCL shares were up 3.44% to trade at ₹87.10 in the late hours of trading on Tuesday.
Read Next: Tata Motors Shares Continue Bull Run: Why This Analyst Advises Caution
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.