The Indian Oil Corporation has reported a whopping 224 percent rise in net profits during the fourth quarter till March 2012 compared to Rs 3,905.16 crore in the same period of the previous year.

Market analysts were expecting the company to record a net profit of Rs 9,400 crore during the quarter, or record an increase of about 140.70 percent. The total income of the company increased to Rs 1,30,305.35 crore during the fourth quarter from Rs 99,130.03 crore for the same quarter previous year.

As for the whole year, the net profit after tax & minority interest rose to Rs 4,225.98 crore compared to Rs 7,830.72 crore for the year till March 2012. The total income increased to Rs 4,12,111.16 crore in the year compared to Rs 3,13,244.71 crore in the previous year.

The board of the Indian Oil Corporation has recommended a dividend of Rs 5 per ordinary share for the financial year till March 2012. The shares of the company were trading slightly higher at Rs 267, after rising 0.6 percent at the Bombay Stock Exchange (BSE).