Indian Oil Q3 profit jumps 29% to Rs3,995 crore
New Delhi: State-owned refiner Indian Oil Corp. on Tuesday reported a 29% jump in net profit for the October-December period to Rs3,995 crore, helped by better refining margins and a jump in petroleum product sales.
Sales rose 19% in the December quarter to Rs1.15 trillion from a year ago. A statement from the company said refining margin for the third quarter of this fiscal improved to $7.67 a barrel from $5.96 a barrel in the same period a year ago.
Indian Oil sold over 21 million tonnes of fuel during the quarter under review.
The board declared an interim dividend of Rs13.5 per share, which will fetch the government Rs3,820.5 crore as a 58.28% stake owner in the company.
Indian Oil’s refineries processed 16.37 million tonnes of crude oil in the third quarter, up from 14.42 million tonnes a year ago. Chairman B. Ashok said the company is looking at opportunities to export fuel to Bangladesh and Myanmar and is also helping Vietnam to build its refineries.