new delhi indian oil corporation ioc the nations biggest oil firm on tuesday reported a 314 per cent drop in the fourth quarter net profit as record refining margins were wiped away by a margin squeeze in petrochemicals and losses on auto fuel salesstandalone net profit of rs 602188 crore or rs 656 a share in januarymarch compared with rs 878130 crore or rs 956 per share in the same period a year back the company said in a stock exchange filingsequentially the profit was higher than rs 586080 crore in the previous quarterfor the fiscal april 2021 to march 2022 ioc posted the highestever revenue by any indian corporate at rs 728 lakh crore or 96 billion standalone consolidated revenue after including earnings of subsidiaries like cpcl came at rs 736 lakh crorereliance industries ltd had earlier this month reported rs 792 lakh crore revenue for the fiscal fy22 this was claimed to be the highest ever by an indian company but it included gst which the company collected on behalf of the government on sale of products and is obligated to transfer to the governmentioc revenues do not contain the gst elementioc reported the highestever revenue from operations by any corporate during fy22 said company directorfinance sandeep guptafor the full fiscal 202122 april 2021 to march 2022 ioc reported the highest ever net profit of rs 2418410 crore up from rs 2183604 crore last yearthis is the highest profit by ioc ever he saidfor fy22 reliance had reported a net profit of rs 60705 croreaccording to stock exchange filing ioc made record margins on turning crude oil into fuel but they were wiped away by lower cracks on naphtha as well as losses on petrol diesel and domestic lpg salesioc earned 1854 on turning every barrel of crude oil into fuel during januarymarch as compared to 1059 per barrel gross refining margin a year back after excluding inventory gains arising from processing crude oil bought at lower prices core grm in the fourth quarter of 202122 fiscal came to 1352 per barrel as opposed to 251 a year backbut these gains were done in by fuel marketing losses ioc and other public sector oil companies held petrol and diesel prices for a record duration despite a surge in the cost of raw materials crude oil to a 14year high they started raising prices only on march 22and even after the rs 10 per litre increase in petrol and diesel prices between march 22 and april 6 they continue to make losses as international crude oil prices have stated above 100 per barrelsimilar is the story on cooking gas lpg where prices were hiked by rs 50 per cylinder on march 22 which werent enough to cover the gap between the cost of production and sale priceanother rs 50 a cylinder increase happened on may 7 but the gap continuespretax earnings from the sale of petroleum products fell 8 per cent to rs 825129 crore while the same from