Indian Oil Corporation profit falls sharply by 83% in July-September quarter
IOC reported a net profit of ₹563.42 crore for the quarter July – September quarter on Thursday
![Indian Oil Corporation profit falls sharply by 83% in July-September quarter](https://media.assettype.com/nationalherald%2F2019-10%2F14253d2a-58f0-48b9-9189-c27e366bdcc7%2FIOC.jpg?rect=0%2C0%2C647%2C364&auto=format%2Ccompress&fmt=webp)
Indian Oil Corporation (IOC) reported a net profit of ₹563.42 crores for the quarter of July – September on Thursday. This shows a sharp decline of 82.65% compared with its net profit of ₹3,246.93 crores in the second quarter of the financial year 2018-19, NDTV reported
IOC’s total revenue from operations fell 12.66% to ₹1,32,375.69 crore in the second quarter of the current financial year, the country's largest fuel retailer said in a regulatory filing.
As per NDTV report, the corporation expenses stood at ₹1,32,209.26 crore in the July-September period, as against ₹1,47,801.53 crore in the year-ago period. This includes a foreign exchange loss of ₹1,135.13 crores, as against ₹2,619.72 crores in 2018 during the same quarter.
Average gross refining margin - a key indicator of a refiner's profitability - stood at $ 2.96 per bbl in the first six months of the financial year 2019-20, as against $8.45 per bbl from July to September in 2018.
The company shares dipped as much as 2.11% after the earnings announcement before trimming most of those losses at the end of the session. Shares ended down 0.20% at ₹146.80 apiece on the BSE, underperforming the benchmark Sensex index which finished 0.19%
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