IndianOil reports three-fold jump in Q3 profit at Rs 2,339 crore

Mumbai (Maharashtra) [India], Jan 30 (ANI): Oil marketing firm IndianOil Corporation (IOC) on Thursday reported a three-fold increase in its standalone net profit at Rs 2,339 crore during the third quarter of current fiscal as against Rs 717 crore in Q3 FY19.

However, revenue from operations declined to Rs 1.45 lakh crore in Q3 FY20 versus Rs 1.6 lakh crore in Q3 FY19. The average gross refining margin for the period April to Dec 2019 stood at 3.34 dollars per barrel versus 5.83 dollars per barrel in the same period of last year.

An increase in global crude oil price generally leads to inventory gains as oil marketers that bought the stock at lower prices can sell refined fuel through retail outlets at higher rates.

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