Indian Oil Q1 net profit soars to Rs 13,750 cr as marketing margins improve
In the first quarter of FY24 (April-June), public sector oil marketing company Indian Oil Corporation Ltd (IOCL) saw a remarkable turnaround as its net profit soared to Rs 13,750 crore, bouncing back from a loss of Rs 1,992.5 crore in the corresponding period last year.
Sequentially, the net profit exhibited a 36 per cent increase from Rs 10,058 crore recorded in Q4 FY23. The significant rise in sequential profit is largely attributed to improved auto-fuel marketing margins and diminished crude costs.
