Indian Oil Corp quarterly profit jumps three-fold

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.