Indian Oil reports second quarter net profit at Rs 6,360 crore
Indian Oil Corporation (IOC), the nation’s largest oil firm, on Saturday reported a marginal rise in net profit in the second quarter of the current fiscal as lower inventory gains offset better operational performance.
Net profit of Rs 6,360.05 crore, or Rs 6.93 a share, in July-September compared with Rs 6,227.31 crore, or Rs 6.78 per share, in the same period a year back, according to the company’s filing to the stock exchanges.
Sequentially, net profit was higher than Rs 5,941.37 crore earned in the April-June quarter.
Officials said the flattish net profit was largely due to lower inventory gains in the second quarter.
In Q2 last year, the company had large inventory gains but this year they were lower, they said.
