IOC profit increases to Rs 8,781 cr in March qtr

Indian Oil Corporation (IOC), the nation’s biggest oil firm, on Wednesday reported a better-than-expected net profit of Rs 8,781.30 crore in the March quarter, helped by a surge in refining margins as higher crude prices boosted the inventory value.

Standalone net profit in January-March was at Rs 8,781.30 crore, or Rs 9.56 a share, compared with a loss of Rs 5,185.32 crore in the same period a year ago, IOC chairman SM Vaidya said.