IOC Jan-Mar net profit up 85% to Rs 3,721 crore

Indian Oil Corp (IOC), the nation's biggest company, today reported 85 per cent jump in net profit for the March quarter on the back of higher refining margins.
Net profit was at Rs 3,721 crore in January-March compared to Rs 2,006 crore in the same period of the previous fiscal, IOC Chairman B Ashok said.
The nation's largest oil refiner earned USD 8.95 on turning every barrel of crude oil into fuel as against a gross refining margin of USD 2.99 per barrel in forth quarter of 2015-16.
For the full fiscal, IOC posted it's highest-ever net profit of Rs 19,106 crore. It had reported a net profit of Rs 11,242 crore in 2015-16.

The board of directors recommended a final dividend of 10 per cent (Re 1 per share). This is in addition to interim dividend of 180 per cent (Rs 18 a share) paid during the year.