Business   

IOC revenue touches $50 b

Special Correspondent

NEW DELHI: Indian Oil Corporation (IOC) on Monday announced that it was planning to invest Rs. 50,000 crore in setting up new refineries and petrochemical plants in the next three years. It also became India's first company to cross the Rs. 2,00,000-crore ($50 billion) mark in sales.

The company reported a 20.5 per cent jump in turnover at Rs. 2,20,779.36 crore in 2006-07 as against Rs. 1,83,171.51 crore in the previous year. It posted the highest-ever net profit of Rs. 7,499.47 crore in the fiscal, a 52.6 per cent rise over Rs. 4,915.12 crore recorded in 2005-06. "We are implementing projects worth over Rs. 50,000 crore. For the XI Plan, we have provided Rs. 43,250 crore capital expenditure and are looking at acquisition abroad,'' IOC Chairman Sarthak Behuria told newsmen here.

The company posted a 60 per cent drop in net profit at Rs. 1,609.67 crore for the fourth quarter of 2006-07 against Rs. 4,030.57 crore in the same period in the previous year. Revenues in the quarter rose to Rs. 55,412.07 crore from Rs. 51,420.3 crore.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

India-GCC FTA soon
Manipal Group's new initiative
Tata Steel inks MoU with Vietnam Corpn.
Sensex up 110 points
BMW to source auto components from India
IOC revenue touches $50 b
L&T net at Rs. 1,403 cr.
DLF to raise Rs. 9,625 crore through public offer
Rupee climbs further
Bullion rates
Exchange rates
Coconut oil import allowed
Vodafone to complete Bharti stake sale
Ranbaxy wins patent case in Norway
British Foods to buy Indian brand
Satyam partners Oracle Asia-Pacific
ING launches new insurance plan
Bajaj Electricals announces 1:1 bonus
Windshield, United India Insurance tie up
FINO announces closing of equity payment
IVRCL turnover crosses Rs. 2,500-crore mark

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu