Indian Oil Corporation (IOC), the country's largest refiner, today reported a steep decline of 76.45 per cent in net profit at Rs 696.59 crore for the third quarter ended December.
The state-run oil major had a net profit of Rs 2,958.59 crore during the October-December quarter last financial year.
However, net sales of the company rose to Rs 65,225.72 crore during the December quarter of the current fiscal from Rs 61301.67 crore of the corresponding quarter a year earlier, IOC said in a filing to the Bombay Stock Exchange.
For the nine-month period ended December 2009, IOC posted a net profit of Rs 4663.78 crore, while the company had a net loss of Rs 3673.41 crore during the year ago period.
Shares of IOC today closed at Rs 301.30, marginally down by 0.36 per cent on the BSE.
