IOC reports eleven-fold jump in standalone net profit
India’s top oil firm IOC on Friday reported an eleven-fold jump in its standalone net profit at Rs 6,227.31 crore for the September 2020 quarter on the back of a boost in refining margins and inventory gain on using low-priced crude oil to make fuel.
The company had reported a net profit of Rs 563.42 crore in the corresponding period a year ago.
“The profit was up due to higher inventory and foreign exchange gains and better refinery margins, Shrikant Madhav Vaidya, chairman of Indian Oil Corp (IOC), told reporters here.
The company earned $8.62 on turning every barrel of crude oil into fuel in the second quarter of 2020-21 compared with a gross refining margin of $1.28 in July-September 2019.
