Indian Oil swings back to profit in Sep quarter
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Higher refining margins and lower inventory losses helped the nation’s largest oil marketing company Indian Oil Corp. Ltd post a net profit of Rs3,122 crore for the quarter ended 30 September, swinging from a loss of Rs 450 crore in year-ago period.
Revenue increased to Rs1.01 trillion from Rs97,771.6 crore in the same period, the company said in a statement. Last year, Indian Oil’s inventory loss fell to Rs686 crore from Rs5,134 crore.
The state-owned oil refiner and retailer’s average gross refining margin, the difference between the per barrel price of crude oil and the value of petroleum products distilled from it, widened to $7.19 per barrel in the September quarter from $5.76 per barrel a year ago.
On Thursday, Indian Oil shares ended at Rs312.4, down 3%, on the BSE.
The benchmark Sensex rose 0.29% to 27,915.90 points.