IOCL profit up 11-fold as inventory gains surge
NEW DELHI: State-run oil marketing company (OMC) Indian Oil Corporation Ltd (IOCL) on Friday reported a massive eleven-fold jump in its standalone net profit for the second quarter-earnings soaring to Rs 6,227.31 crore from Rs 563.42 crore in the second quarter of last year.
The company’s balance sheet shows the spike in profit was driven primarily by a large inventory gain, a sharp rise in refinery margins, and a cut in expenditure. Revenue from operations reflected the impact on demand due to the pandemic, falling to Rs 1.15 lakh crore during the quarter compared to Rs 1.32 lakh crore a year ago. However, company officials say that demand is fast returning to normal.
