Indian Oil Corp Ltd, the country’s top refiner, on Monday reported a 19.2 per cent rise in its third-quarter net profit, buoyed by higher gross refining margins.
The state-owned company posted a net profit of Rs 5,861 crore for the quarter ended Dec. 31 and declared a dividend of 4 rupees per share.
Revenue from operations rose nearly 35 per cent to 1.97 lakh crore rupees.
IOC also said its gross refining margin — profit from converting a barrel of oil into refined products — was at $8.52 per barrel for April-December, compared with $2.96 per barrel a year ago.
The refiner, along with its unit Chennai Petroleum , controls about a third of India’s five-million-barrels-per-day refining capacity.
