Indian Oil reports 174% spike in Q1 consolidated net at Rs 6,109.69 cr

Expects diesel demand to reach pre-Covid levels by Diwali

Indian Oil Corporation (IOCL) has reported a consolidated net profit (attributable to equity holders of the parent) of Rs 6,109.69 crore in the first quarter of FY22. This is 174 per cent higher than the Rs 2,226.80 crore consolidated net profit reported by the company in the same period of FY21.

Consolidated total income during the period under review stood at Rs 1,57,018.41 crore, up from Rs 90,775.15 crore in the quarter ending June 30, 2020.

“The higher profit is mainly on account of inventory gains and better petrochemical margins during the current period,” a company statement said.