IndianOil net jumps 67% on higher margins

NEW DELHI: IndianOil, the nation’s largest oil firm, on Tuesday reported a 67% jump in its March quarter net profit on the back of a recovery in fuel marketing margins and better refining margins.
Standalone net profit was at Rs 10,059 crore, or Rs 7. 3 a share, in January March compared with Rs 6,022 crore, or Rs 4. 4 per share, in the same period a year ago, according to a company’s stock exchange filing. The jump in fourth-quarter net profit helped the company post Rs 8,242-crore net profit for the full fiscal 2022-23 by negating the losses thefirm had to suffer in the first half of the financial year from holding petrol, diesel and LPG prices despite a surge in cost.
IOC and other stateowned fuel retailers Bharat Petroleum Corporation (BPCL) and HindustanPetroleum Corporation (HPCL) continue to hold prices but a fall in international oil prices has meant that they are now making healthy margins. Petrol and diesel prices have been frozen since April 6 last year.

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