IOC net profit jumps 67% on higher refining, marketing margins
NEW DELHI: Indian Oil Corporation, the nation’s largest oil firm, on Tuesday reported a 67 per cent 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 10,058.69 crore, or Rs 7.30 a share, in January-March compared with Rs 6,021.88 crore, or Rs 4.37 per share, in the same period a year back, according to a company’s stock exchange filing.
The jump in fourth-quarter net profit helped the company post Rs 8,241.82 crore of net profit for the full fiscal year 2022-23 (April 2022 to March 2023) by negating the losses the firm had to suffer in the first half of the financial year from holding petrol, diesel and LPG prices despite a surge in cost.
