New Delhi, May 25 (IANS): State-run Indian Oil Corp (IOC) on Thursday posted an impressive 85 per cent jump in net profit for the fourth quarter ended March at Rs 3,721 crore owing to better revenue from operations, even as refining margins grew.

The company had recorded profit after tax of Rs 2,006 crore in the corresponding quarter of 2015-16.

IOC announced in a press briefing here that total income from operations during the January-March quarter at Rs 1.24 lakh crore, rose 24 per cent over the like quarter of 2015-16. 

Net profit, however, fell 6.9 per cent as compared to the previous quarter when it was at Rs 3,995 crore, the company said.

IOC's average gross refining margin for 2016-17 rose to $7.77 per barrel, from $5.06 per barrel in fiscal 2015-16.

For the full fiscal 2016-17, the company recorded a net profit of Rs 20,385 crore, as compared to Rs 12,413 crore registered in the previous year. 

The board of directors on Thursday recommended a final dividend of Re 1 per equity share, which is in addition to the interim dividend of Rs 18 per equity share paid during the year. Thus, the total dividend for 2016-17 stands at Rs 19 per share.

With the results being announced during market hours, the Indian Oil stock closed on Thursday at Rs 438.70 a share, up by 1.87 per cent, or by Rs 8.05 paise, over its previous close on the Bombay Stock Exchange (BSE).