Indian Oil posts first profit increase in 5 quarters as crude prices cool

Indian Oil Corp Ltd (IOC), the country’s top refiner, reported its first rise in profit in five quarters on Tuesday, as cooling crude prices bolstered its refining margins, sending its shares to their highest in more than one year.

The state-owned company’s profit rose to Rs 10,059 crore ($1.23 billion) in the January-to-March quarter, from Rs 6,022 crore a year earlier.

Analysts had, on average, expected profit to drop to Rs 5,928 crore, according to Refinitiv IBES data.

Prices of crude oil, a key raw material for refiners, have corrected from their 2022 peak of $139.13 per barrel in March last year.