IOC reports Rs 8,063 crore profit in Q3; stock rises over 4%

Indian Oil Corporation Ltd (IOC) reported a multifold rise in standalone profit to Rs 8,063 crore in the December 2023 quarter against Rs 448.01 crore in the December 2022 quarter. However, profit fell 38% from Rs 12,967.32 crore sequentially. Revenue from operations fell to Rs 2.24 lakh crore against Rs 2.29 lakh crore in the year-ago period. In the last quarter, the company reported a revenue of Rs 2.02 lakh crore.

Net profit margins rose to 3.62% in Q3 against 0.20% in Q3 of the previous fiscal.  Profit before tax zoomed to Rs 10,768.20 crore in the December quarter against Rs 256.65 crore in the corresponding period of the previous fiscal.

IOC shares gained over 4.46% to Rs 145.20 against the previous close of Rs 139 on BSE. Market cap of the firm rose to Rs 2.03 lakh crore. Earlier, the stock opened higher at Rs 139.65 on BSE.

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