New Delhi: With slump in refinery margins as well inventory losses, state-owned Indian Oil Corp (IOC) on Thursday posted a 83 per cent dip in net profits on a year-on-year basis in the second quarter. The net profit for July-September has been reported at Rs 564 crore against Rs 3,247 crore in the same period last year.
“The major reason for the decline in net profit was inventory losses in Q2 as against inventory gain during corresponding quarter of previous year,” IOC Chairman Sanjiv Singh told reporters here.
