NEW DELHI: State-run IndianOil Ltd on Tuesday posted a 92% decline in profit in the third quarter in spite of a 15% increase in revenue and hefty refining margins as under-recoveries on fuel sales because of the long freeze on pump prices erased parts of the gains.
Profit stood at Rs 448 crore in the October-December period against Rs 5,860 crore in the year-ago period. Revenue during the period stood at Rs 228,168 crore against Rs 197,168 core in the previous corresponding quarter.
Sequentially, however, the profit is a positive as the company had posted a loss of Rs 272.35 crore in the July-August period.
