(ET)
Indian Oil Corporation, the country’s largest fuel retailer today posted an over three times jump in consolidated net profit at Rs 2,695 crore for the third quarter ended December 2019. The company had posted a consolidated net profit of Rs 767 crore in the corresponding quarter a year ago.
“The variation is majorly on account of inventory gain during current quarter against inventory loss during corresponding quarter of previous financial year, partly offset by lower refining margins and exchange losses during current current,” IOC said in a statement.
The company recorded an inventory gain of Rs 1,608 crore for the third quarter ended December 2019, as compared to an inventory loss of Rs 8,523 crore in the corresponding quarter a year ago, Sandeep Kumar Gupta, Director (Finance) at Indian Oil told reporters during a press conference in New Delhi.
