IndianOil net jumps 67% on higher margins
NEW DELHI: IndianOil, the nation’s largest oil firm, on Tuesday reported a 67% jump in its March quarter net profit on the back of a recovery in fuel marketing margins and better refining margins.
Standalone net profit was at Rs 10,059 crore, or Rs 7. 3 a share, in January March compared with Rs 6,022 crore, or Rs 4. 4 per share, in the same period a year ago, according to a company’s stock exchange filing. The jump in fourth-quarter net profit helped the company post Rs 8,242-crore net profit for the full fiscal 2022-23 by negating the losses thefirm had to suffer in the first half of the financial year from holding petrol, diesel and LPG prices despite a surge in cost.
