IOC December Quarter Net Profit Rises 19%

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Indian Oil Corporation has recorded a rise in its third quarter net profit

New Delhi:

Country’s largest retailer, Indian Oil Corporation (IOC) on Monday reported a 19 per cent growth in its third quarter net profit mainly due to rise in refining margins, which negated the fall in marketing margins for keeping petrol and diesel prices unchanged despite rise in cost.

It recorded a net profit of Rs 5,860.80 crore in the December quarter, which was 19.2 per cent higher than Rs 4,916.59 crore profit recorded in the same period a year back, the company said in a statement.

It was, however, lower than Rs 6,360.05 crore profit in the preceding quarter.

The third quarter profit rose “due to higher refining margin,” the company said without giving details of the margins earned. The company saw a drop in marketing margins as it maintained petrol, diesel and LPG prices despite a rise in the cost of raw materials.

Revenue from operations rose to Rs 1.98 lakh crore in October-December from Rs 1.47 lakh crore a year back.

The company sold 22.6 million tonnes of petroleum products, marginally lower than 23 million tonnes a year back.

Its refineries throughput was 17.4 million tonnes, lower than 17.86 million tonnes in 2020.

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