NEW DELHI: With higher refining margins and inventory gains, Indian Oil Corporation (IOC) posted Rs 5,941 crore net profit for the first quarter of the current fiscal year— more than three-fold of Rs 1,910.84 crore it recorded during the same period of the previous year, a quarter during which strict lockdowns have destroyed oil demand and squeezed refining margins.
However, the profit was lower by 32% compared to the preceding quarter due to the impact the second wave lockdowns had on mobility.
