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IOC profit doubles in Q3 on inventory gains

The revenue from operations was Rs 1,46,599 crore in the quarter under review as compared to Rs 1,44,835 crore in the year-ago period.

January 30, 2021 / 12:16 PM IST
 
 
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Indian Oil Corporation (IOC) on Friday said its December quarter net profit more than doubled to Rs 4,916.59 crore as rising oil prices yielded inventory gains and a rise in petrochemical margins.

The net profit in October-December 2020 was 110 percent higher than Rs 2,339.02 crore earning in the same period a year back..

"Net profit increased because of inventory gains and higher petrochemical margin," IOC Chairman Shrikant Madhav Vaidya told reporters here.

With international oil prices rising above the rate at which the company had contracted crude oil, IOC logged Rs 2,630 crore of inventory gains in the quarter.