{"id":298931,"date":"2019-11-01T10:50:02","date_gmt":"2019-11-01T05:20:02","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=298931"},"modified":"2019-11-01T11:01:47","modified_gmt":"2019-11-01T05:31:47","slug":"ioc-september-quarter-net-profit-slumps-83-at-rs-563-4-crore","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/ioc-september-quarter-net-profit-slumps-83-at-rs-563-4-crore\/","title":{"rendered":"IOC September quarter net profit slumps 83% at Rs 563.4 crore"},"content":{"rendered":"<p>State-owned Indian Oil Corp (IOC) on Thursday reported a 83 per cent drop in second quarter net profit on the back of slump in refinery margins and inventory losses. Net profit in July-September at Rs 564 crore was 82.6 per cent lower than Rs 3,247 crore net profit in the year-ago period, IOC Chairman Sanjiv Singh told reporters here. <\/p>\n<p>&#8220;The major reason for the decline in net profit was inventory losses in Q2 as against inventory gain during corresponding quarter of previous year,&#8221; he said. <\/p>\n<p>The company earned $1.28 on turning every barrel of crude oil into fuel in July-September as compared to gross refining margin of $6.79 per barrel in Q2 of previous fiscal. Without accounting for inventory losses, the GRM was $3.99 per barrel.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>State-owned Indian Oil Corp (IOC) on Thursday reported a 83 per cent drop in second quarter net profit on the back of slump in refinery margins and inventory losses. Net profit in July-September at Rs 564 crore was 82.6 per cent lower than Rs 3,247 crore net profit in the year-ago period, IOC Chairman Sanjiv Singh told reporters here. &#8220;The major reason for the decline in net profit was inventory losses in Q2 as against inventory gain during corresponding quarter of previous year,&#8221; he said. The company earned $1.28 on turning every barrel of crude oil into fuel in July-September [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-298931","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/298931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=298931"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/298931\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=298931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=298931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=298931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}