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IOC back in black with Rs 12000 crore profit on crude fall, fuel price freeze in Q2
Tuesday, 31 October 2023
IndianOil, the largest oil refiner and fuel retailer in India, reported a profit of Rs 12,967 crore in the third quarter, compared to a loss of Rs 272 crore in the same period last year. This turnaround was supported by a 14% drop in crude prices and the freeze on petrol and diesel prices. IndianOil also announced an interim dividend of Rs 5 per share for the current fiscal year. The company benefited from higher marketing margins and lower exchange losses, but revenue decreased due to lower oil prices.
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