IOC Net Profit Halves in Q4: Fuel Price Cuts Impact
Apr 30, 2024 15:05
Indian Oil Corporation (IOC) reported a 50% decline in net profit for the March quarter due to fuel price cuts and losses in the petrochemical segment.
Photograph: Vasily Fedosenko/Reuters
New Delhi, Apr 30 (PTI) Indian Oil Corporation (IOC) on Tuesday reported halving of its March quarter net profit on fuel price cut and loss in the petrochemical segment.
Net profit was Rs Rs 4,837.69 crore in January-March compared with Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding quarter, according to a stock exchange filing by the company.
Profit was lower as refining margins dipped, the petrochemical segment turned negative and the firm cut petrol and diesel prices despite crude oil prices edging up.
Revenue dipped to Rs 2.21 lakh crore in January-March from Rs 2.28 lakh crore a year back.
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