Indian Oil Corporation (IOC) on Tuesday reported halving of its March quarter net profit on fuel price cut and loss in the petrochemical segment.

Net profit was ₹4,837.69 crore in January-March compared with ₹10,058.69 crore a year back and ₹8,063.39 crore in the preceding quarter, according to a stock exchange filing by the company.

Profit was lower as refining margins dipped, the petrochemical segment turned negative and the firm cut petrol and diesel prices despite crude oil prices edging up.

Revenue dipped to ₹2.21 lakh crore in January-March from ₹2.28 lakh crore a year back.