Companies

IndianOil net more than doubles to ₹6,436 cr in Q1

Debabrata Das New Delhi | Updated on January 23, 2018

B Ashok, Chairman

Higher gross refining margin at $10.77 a barrel boosts performance

Indian Oil Corporation has reported a net profit of ₹ 6,435.7 crore for the first quarter of fiscal 2015-16. This was more than 2.5 times that of the net profit of ₹ 2,522.94 crore in the same quarter last year.

The increase in net profit was despite a 19 per cent drop in its net revenue at ₹ 1,01,306 crore compared with ₹ 1,24,956 crore in the same quarter last year.

The improvement in profit was achieved on the back of the company's gross refining margin for the quarter reaching $10.77 a barrel, nearly five times more than the GRM of $2.25 a barrel last year.

Published on August 13, 2015

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