Indian Oil Corporation Q1 profit jumps over three folds on refining margin boost

Indian Oil Corporation, India's largest oil refiner earned USD 6.58 on turning every barrel of crude oil into fuel in the April-June quarter.

Published: 30th July 2021 03:04 PM  |   Last Updated: 30th July 2021 03:04 PM   |  A+A A-

Indian Oil Corporation Logo

Representative Image (File photo | PTI)

By PTI

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

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

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

The company's revenue from operations was up 74 per cent at Rs 1.55 lakh crore.

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