Rising crude oil prices boost Indian Oil Q4 profit
CHENNAI: A substantial rise in crude oil prices gave Indian Oil Corporation’s net profit a solid boost in the quarter ended March 31, 2021, with the state-run oil refining and marketing major recording inventory gains of Rs 8,622.25 crore during the period. The company’s standalone net profit came in at Rs 8,791.9 crore for the quarter, compared to a net loss of Rs 5,185.32 crore during the corresponding period of last year and 49 per cent higher than the Rs 4,916.6 crore recorded in the previous quarter ended December 2020.
