NEW DELHI: Indian Oil Corporation (IOC) on Friday reported over three-fold jump in June quarter net profit on the back of a surge in refining margin and inventory gains.
Standalone net profit of Rs 5,941.37 crore, or Rs 6.47 a share, in April-June is compared with Rs 1,910.84 crore, or Rs 2.08 per share, in the same period of 2020-21, the company said in a filing to stock exchanges.
India's largest oil refiner earned USD 6.58 on turning every barrel of crude oil into fuel in the quarter as opposed to a gross refining margin (GRM) of a minimum of USD 1.98 a barrel a year back.
After netting out inventory gain, the core GRM was USD 2.24 per barrel.
The company's revenue from operations was up 74 per cent at Rs 1.55 lakh crore.