IOC Q3 results: Net profit rises 19% to Rs 5,861 crore

Indian Oil Corp Ltd, the nation’s best refinery, on Monday reported a 19.2% increase in third-quarter net profit, supported by higher gross refining margins.

The state-owned company had a net profit of Rs 58.61 billion ($ 784.45 million) for the quarter ended December 31, and declared a dividend of 4 rupees per share.

Operating revenue increased nearly 35% to Rs 1.97 trillion.

The IOC also said its gross refining margin – profit from converting a barrel of oil to refined products – was $ 8.52 per barrel. barrel for April-December, compared to $ 2.96 per barrel. barrel a year ago.

The refinery, together with its unit, controls Chennai Petroleum about a third of India’s refining capacity of five million barrels a day.

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