 "Indian Oil Q1FY25 results: PAT plunges 81% to Rs 2,643 cr on low margins")
Indian Oil Corp (IOC) reported a nearly 81 per cent plunge in first-quarter profit on Tuesday, weighed by lower marketing margins.
The state-owned firm's standalone net profit declined to Rs 2,643 cr (around $316 million) for the three months ended June 30.
IOC's average gross refining margin - the profit from making refined products from one barrel of oil - fell to $6.39 per barrel from $8.34 per barrel a year ago.
Fuel consumption remained strong in the quarter as robust industrial activity and general elections-related activity boosted demand in Asia's third-largest economy.
However, higher prices of crude oil - a key raw material for refiners - remained a cause for concern, with rival state-owned refiners such as Hindustan Petroleum and Bharat Petroleum reporting a hit in their bottomlines in the quarter due to lower refining margins.
India is the world's third-biggest oil importer and consumer. Indian Oil, along with its unit Chennai Petroleum, controls about a third of India's five million-barrels-per-day refining capacity.
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