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IOC net profit doubles to ₹21,630 crore on higher refining margins
Indian Oil Corporation's standalone net profit more than doubled to ₹21,630 crore in the September quarter, buoyed by improved refining
State-owned Indian Oil Corporation reported a standalone net profit of ₹21,630 crore in the September quarter, more than doubling the previous period's earnings. This surge was driven by improved refining margins and lower benchmark crude oil prices between mid-June and mid-August. The company warned that future earnings could face pressure from potential inventory losses if crude prices fall further due to a normalisation of the Middle East situation.
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IOC net profit doubles to ₹21,630 crore on higher refining margins
State-owned Indian Oil Corporation (IOC) reported a standalone net profit of ₹21,630 crore in the September quarter, marking a significant increase from the previous period. This surge in profitability was largely attributed to improved refining margins and a temporary decline in benchmark crude oil prices. During the reported quarter, IOC's gross refining margins, after subtracting special additional excise duty, stood at $18.52 per barrel. The Delhi-headquartered oil marketing major credited these favorable market conditions for the sharp rise in its financial performance.