 "Indian Oil Corp, iocl")
Indian Oil Corporation (IOC) on Friday reported over three-fold jump in June quarter net profit on the back of surge in refining margin and inventory gains.
Standalone net profit of Rs 5,941.37 crore, or Rs 6.47 a share, in April-June is compared with Rs 1,910.84 crore, or Rs 2.08 per share, in the same period of 2020-21, the company said in a filing to stock exchanges.
India's largest oil refiner earned USD 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 USD 1.98 a barrel a year back.
After netting out inventory gain, the core GRM was USD 2.24 per barrel.
Even though India was battered by a second wave of coronavirus infections during April and May, the restrictions imposed were not as severe as last year, with most states allowing vehicular movement.
Revenue from operations for quarter rose to Rs 1.55 trillion from Rs 88,939 crore a year ago.
IOC and its unit, Chennai Petroleum, control about a third of India's five million-barrels-per-day refining capacity.
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