IOC Q2 profit at Rs 12,967 crore; H1 numbers top best-ever annual earning
State-owned Indian Oil Corporation (IOC) on Tuesday reported a return to profitability with a net profit of Rs 12,967.32 crore in the three months to September 30 – more than half of its best-ever annual profit in just one quarter.
The net profit came on the back of a boost in refining and marketing margin. In July-September 2022, it incurred a loss of Rs 272.35 crore, according to a stock exchange filing by the company.
Besides robust refining margins, the profit was aided by a boost in marketing margins as a freeze on petrol and diesel price revision despite a fall in input crude oil prices helped recover losses incurred when rates were high last year.
