IOCL profit surges 211% to Rs 5,941 crore in Q1 on inventory gains

State-run Indian Oil Corporation (IOCL) on Friday reported a net profit of Rs 5,941.4 crore on a standalone basis for the quarter ended June 30, recording a 210.9% rise from the same period a year ago.

The oil refining and marketing company attributed the increase in profit to inventory gains, stemming from fluctuations in global oil prices and rising margins of petrochemical products.