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Indian Oil Corporation Reports Sharp 82.7% Fall in Net Profit

Indian Oil Corporation Reports Sharp 82.7% Fall in Net Profit

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  1 Nov 2019 1:09 PM GMT

New Delhi: The country’s largest public-sector refiner, Indian Oil Corporation (IOC), on Thursday reported an 82.7 percent fall in its net profit for the second quarter period of the financial year 2019-20 on the back of a slump in refinery margins and inventory losses.

The company posted a standalone net profit of Rs 563.42 crore in the July-September quarter of FY20 as against a net profit of Rs 3,246.93 crore in the same period of the previous year.

“The major reason for the decline in net profit was inventory loss in Q2 as against inventory gains in the same period of the previous year,” IOC Chairman Sanjiv Singh said.

He added that the company recorded an inventory loss of Rs 1,807 crore in the second quarter period as opposed to an inventory gain of Rs 2,895 crore in the same period of FY 19. (IANS)

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