NEW DELHI: Indian Oil Corporation (IOC), the country’s top oil firm, on Friday reported a three-fold jump in its June quarter net profit on the back of higher refining margins and inventory gains.
Standalone net profit of Rs 5,941.37 crore in April-June was up 210 per cent when compared with Rs 1,910.84 crore a year earlier when lockdowns due to the Covid-19 pandemic hammered fuel demand and squeezed margins.
The profit was down 32 per cent in comparison to the preceding quarter, mostly because of mobility being hit by the onset of the second wave of Covid-19 in April and May, the company’s stock exchange filing showed.
