IOCL Q3 net profit up two-fold to Rs 7,883 crore

Indian Oil Corp (IOC) today reported near doubling of third quarter net profit to Rs 7,883 crore on back of higher refining margins and inventory gains.

IOC Chairman Sanjiv Singh said the company board at its meeting today approved a 1:1 bonus share.

Net profit in the third quarter of last fiscal was Rs 3,995 crore.

The company earned USD 12.32 on turning every barrel of crude oil into fuel as compared to a gross refinery margin (GRM) of USD 7.67 per barrel in same period last fiscal.

The company made an inventory gain of Rs 6,301 crore in October-December as compared to Rs 3,051 crore in same period of last fiscal.