IOC profit hits record high of Rs 21,836 crore in FY 21

Indian Oil Corporation (IOC) on Wednesday reported a net profit of Rs 21,836 crore on a standalone basis for the fiscal ended March 31, which is nearly 17 times higher from the Rs 1,313 crore profit posted a year ago.

This is the highest annual profit ever reported by the state-run oil refining and marketing company. It attributed the increase in profit to inventory gains, stemming from fluctuations in global oil prices and rising sales of high-margin petrochemical products.