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.