Indian Oil Corp quarterly profit jumps three-fold
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
BENGALURU - Indian Oil Corp Ltd (IOC), the country's top refiner, on Friday reported a three-fold rise in net profit in the June quarter, helped by higher gross refining margins as prices of oil products surged.
The state-owned company had reported a net profit of 59.41 billion rupees ($798.92 million) in the quarter ending June 30 compared with 19.11 billion rupees a year ago.
The company recorded gross refining margins — profit from converting a barrel of oil into refined products — of $6.58 per barrel in the three months to June compared with minus $1.98 per barrel a year earlier.
($1 = 74.3625 Indian rupees)
.jpg)
