IOC posts 209% rise in net profit

BS 200 SCORECARD

Indian Oil Corporation (IOC) reported an over two-fold increase in its net profit to Rs 2403.44 crore in the quarter ended December 31, mainly because of good refinery margins and upstream oil firms contributing Rs 1,109 crore for LPG and kerosene subsidy.

IOC's refinery margins (difference between product price and cost of crude oil) in third quarter were $4.658 a barrel as against about $3 a barrel last year.

Besides, ONGC and GAIL paid IOC Rs 1,109 crore to meet part of the losses the company was incurring on selling lpg and kerosene below the cost of raw material (crude oil).

IOC's net profit in April-December was 31.67 per cent higher at Rs 5,155 crore as opposed to Rs 3,915 crore in the corresponding period last year.