Indian Oil Corp slips over 4% as PBT in September quarter plunges 83% YoY

Indian Oil Corporation (IOC) shares slipped as much as 4.42 per cent to Rs 140.30 apiece on the BSE on Friday after the company reported 83 per cent year-on-year (YoY) decline in profit before tax (PBT) at Rs 814.48 crore for the quarter ending September, owing to higher inventory losses and a decline in refinery margin. It had recorded Rs 4,805.74 crore PBT during the same period last year.

The company’s net profit (profit after tax) came in at Rs 563.42 crore, as against Rs 3,246.93 crore during the same period in fiscal year 2018-19. “The decline in profit during the quarter was mainly on account of inventory loss against an inventory gain during the previous year,” said Sanjiv Singh, chairman of IOC, said at a press conference on Thursday.