IOC profit before tax falls 83% in Sep quarter on higher inventory losses

State-run Indian Oil Corporation's (IOC’s) profit before tax (PBT) fell by 83 per cent to Rs 814.48 crore for the quarter ending September, owing to higher inventory losses and a decline in refinery margin. It had recorded Rs 4,805.74 crore PBT during the same period last year. 

The company’s net profit was Rs 563.42 crore, as against Rs 3,246.93 crore during the same period in 2018-19. “The decline in profit during the quarter was mainly on account of inventory loss against an inventory gain during the previous year,” said Sanjiv Singh, chairman of IOC, said at a press conference on Thursday. 

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