State-owned oil major Indian Oil Corporation (IOC) on Friday reported over a three-fold rise in its April-June quarter profit, primarily due to a surge in refining margin and inventory gains.
The oil company's standalone net profit for the said quarter stood at Rs 5,941.37 crore as compared to Rs 1,910.84 crore during the same period last year, the company said in its stock exchange filing. Revenue from operations also grew 74 per cent to Rs 1.55 lakh crore during Q1 FY22.
India's largest oil refiner earned $6.58 on turning every barrel of crude oil into fuel in the quarter as opposed to a gross refining margin (GRM) of a minimum of $1.98 a barrel a year back. After netting out inventory gain, the core GRM stood at $2.24 per barrel.
IOC sells diesel, cooking gas (LPG) and kerosene at government-controlled rates. The oil marketing company's net profit in the Jan-March quarter had risen over 78 per cent to Rs 8,781 crore vs Rs 4,917 crore in the quarter before.
IOC stock was down 0.63 per cent at Rs 103.25 on the National Stock Exchange, compared to the previous session close of Rs 103.90.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today