IOC posts 85.5% rise in Q4 profit on back of inventory gains

Net profits for the January-march quarter stood at Rs 3,720.62 cr

State-run Indian Oil Corporation has posted an 85.5 per cent increase in net profit for the March quarter to Rs 3,721 crore, against Rs 2,006 crore during the same period last year, mainly owing to higher inventory gains. 

The company has also posted a 25 per cent rise in total income from Rs 99,461 crore, against Rs 1,24,345 crore. For the full financial year 2016-17 (FY16), IOC’s net profit rose 70 per cent to Rs 19,106  crore. It was Rs 11,242 crore in FY16. 

“The major reason for the zoom in quarterly and annual profit was due to the higher