IOC’s profit rises as high margins soak cost jump

Indian Oil Corporation (IOC), the nation’s largest oil firm, on Saturday reported a marginal rise in net profit in the second quarter of the current fiscal as lower inventory gains offset better operational performance.

Net profit of Rs 6,360.05 crore, or Rs 6.93 a share, in July-September, compared with Rs 6,227.31 crore, or Rs 6.78 per share, in the same period a year back, according to the company’s filing to the stock exchanges.

Sequentially, net profit was higher than Rs 5,941.37 crore earned in the April-June quarter.

Officials said that the flattish net profit was largely due to lower inventory gains in the second quarter.