NEW DELHI: The country’s top refiner Indian Oil Corporation (IOC) on Thursday reported a 82.7 per cent slump in its net profit for the quarter ended September 30, 2019, on the back of slump in refinery margins and inventory losses.
The company posted a standalone net profit of Rs 563.42 crore in the second quarter as compared with a net profit of Rs 3,246.93 crore reported in the same period last year.
In terms of quarter on quarter, the state-owned firm reported 84.33 per cent fall in its net profit during Q2. It had posted a net profit of Rs 3,596.11 crore in the quarter ended June 30, 2019.
“The major reason for the decline in net profit was inventory losses in Q2 as against inventory gain during corresponding quarter of previous year,” IOC chairman Sanjiv Singh said.
