Companies

IOC Q1 profit jumps over three folds on refining margin boost

PTI New Delhi | Updated on July 30, 2021

India’s largest oil refiner earned $6.58 on turning every barrel of crude oil into fuel in the quarter

Indian Oil Corporation (IOC) on Friday reported over three-fold jump in June quarter net profit on the back of surge in refining margin and inventory gains.

Standalone net profit of ₹5,941.37 crore, or ₹6.47 a share, in April-June is compared with ₹1,910.84 crore, or ₹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 $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 $1.98 a barrel a year back.

After netting out inventory gain, the core GRM was $2.24 per barrel.

Revenue from operations was up 74 per cent at ₹1.55 lakh crore.

Published on July 30, 2021

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