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.
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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.