Indian Oil Corporation (IOC) on Friday said its December quarter net profit more than doubled to Rs 4,916.59 crore as rising oil prices yielded inventory gains and a rise in petrochemical margins.
The net profit in October-December 2020 was 110% higher than Rs 2,339.02 crore earning in the same period a year back.
“Net profit increased because of inventory gains and higher petrochemical margin,” Indian Oil Corporation chairman Shrikant Madhav Vaidya told reporters here. — PTI
