State-run oil marketing company Indian Oil Corporation (IOC) reported a net profit of Rs 9,030 crore for the quarter ended December 2023 (Q3FY24), a multi-fold rise from the lower profit reported a year ago, driven by improved marketing margins.
For Q3FY24, IOC’s net profit attributable to equity holders of the parent company stood at Rs 9,030 crore, a more than ten-fold increase from the Rs 773 crore profit reported in the same period a year ago.
The profit in the year-ago quarter was significantly impacted due to under-recoveries arising from higher input costs in the form of crude oil prices and a price freeze for sale products such as petrol and diesel during that period.
