NEW DELHI:
Indian Oil Corporation
will infuse over
Rs 1,303 crore
in its
green energy
subsidiary for setting up 1,000 MW
solar/wind power capacity
at an estimated cost of Rs 5,215 crore, even as the company’s March quarter profit more than halved to Rs 4,838 crore from a year ago on reduced
refining margin
and a pre-poll
fuel price cut
. India’s largest refiner and fuel retailer, however, closed FY24 with its highest-ever net profit of Rs 39,619 crore — a 63% increase over Rs 24,184 crore in 2021-22.
The annual profit benefited from the nearly two years of freeze on
pump price revisions
amid a fall in
global oil prices
.