IOC Q3 net triples to Rs 2,695 cr as inventory gains offset lower margins

Indian Oil Corp (IOC), the nation’s biggest oil firm, on Thursday reported tripling of its net profit in December quarter as inventory gains offset lower refinery margins and forex losses.

Standalone net profit in October-December at Rs 2,339.02 crore, or Rs 2.55 per share, was higher than Rs 716.82 crore, or Rs 0.76 per share, net profit in the same period in the previous year, IOC Chairman Sanjiv Singh said.

“The variation is majorly on account of inventory gain during the current quarter against inventory loss during the corresponding quarter of the previous financial year, partly offset by lower refining margins and exchange losses during the current quarter,” he said.