Indian Oil Corporation's Q2 Profit Soars 184% on Higher Refining Margins

The Hindu - Business · business

State-owned Indian Oil Corporation (IOC) reported a standalone net profit of ₹21,630 crore for the September quarter, an 184% increase year-on-year. This significant profit surge was driven by improved refining margins and a temporary decline in benchmark crude oil prices. IOC's gross refining margin rose to $18.52 per barrel, up from $10.66 in the same period last year. Revenue also climbed nearly 30% to over ₹2.62 lakh crore, though the company cautioned about potential inventory losses in upcoming quarters.