Indian Oil Corporation profit falls sharply by 83% in July-September quarter 

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%