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Public sector undertaking Indian Oil has reported a net profit of ₹3,995 crore in the third quarter of the financial year 2017.
This was up 29 per cent from the corresponding period last year.
The better numbers were credited to higher gross refinery margins at $7.67 per barrel compared with $5.96/bbl in the previous fiscal.
The income from operations during the third quarter of the financial year 2017 stood at ₹1.15 lakh crore.
This was up 19.1 per cent over the preceding year. IOCL also said in a statement that product sales volumes (including exports) were 21.31 million tonnes.
Refinery throughput stood at 16.37 million tonnes. The IOCL board also declared an interim dividend of ₹13.50 per share (135 per cent).
IOCL also accounted for an additional liability for earlier years of ₹1973.11 crore under other expenses after the Supreme Court’s decision on entry tax in November last year.
Indian Oil has reported a net profit of ₹15,386 crore till December 31 in the financial year 2017.
This is up 67 per cent from the ₹9,236 crore net profit for the same period in the financial year 2016.
Gross Refinery Margins are also higher at $7.36/bbl compared to $5.83/bbl in the previous fiscal.
Income from operations was also up by 4.87 per cent at ₹3.23 lakh crore.
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