Indian Oil Corporation Ltd (IOC), the nation’s biggest oil firm, on Friday reported a 47 per cent drop in its June quarter net profit as pandemic outbreak pummelled fuel demand and shrank refining margins.
Standalone net profit in April-June quarter at Rs 1,910.84 crore, or Rs 2.08 per share, was 46.8 per cent lower than Rs 3,596.11 crore, or Rs 3.92 a share, net profit in the same period of the last financial year, the company said in a regulatory filing.
With a good part of the quarter being spent under lockdown where the vehicular movement was sparse, IOC fuel sales fell 29 per cent to 15.25 million tonnes.
Its refineries processed 25 per cent less crude oil at 12.9 million tonnes in the first quarter of 2020-21 fiscal.
