Indian Oil reports over 19% jump in quarterly profitThe state-owned company posted a net profit of Rs 5,861 crore for the quarter ended Dec. 31 and declared a dividend of 4 rupees per share
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Indian Oil Corp Ltd. Credit: Reuters Photo
Indian Oil Corp Ltd, the country's top refiner, on Monday reported a 19.2 per cent rise in its third-quarter net profit, buoyed by higher gross refining margins.
The state-owned company posted a net profit of Rs 5,861 crore for the quarter ended Dec. 31 and declared a dividend of 4 rupees per share.
Revenue from operations rose nearly 35 per cent to 1.97 lakh crore rupees.
IOC also said its gross refining margin — profit from converting a barrel of oil into refined products — was at $8.52 per barrel for April-December, compared with $2.96 per barrel a year ago.
The refiner, along with its unit Chennai Petroleum , controls about a third of India's five-million-barrels-per-day refining capacity.
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