New Delhi, Jan. 31: Higher refinery margins have help the net profit of Indian Oil Corporation rise to Rs 5,155 crore during the first nine months of the current fiscal, which is 31.7 per cent higher than Rs 3,915 crore reported in the corresponding previous period.

The increase in profits during the third quarter ended December 31, 2003, was a phenomenal 209 per cent and stood at Rs 2,407 crore compared with Rs 77 crore in the year-ago period. The turnover of the company for this period was Rs 97,533 crore as compared with Rs 89,110 crore during the same period last year.

The current net profit figure, however, includes a windfall gain of over Rs 1,100 crore from ONGC and Gail which were asked to foot part of the subsidy bill for LPG and kerosene that the downstream oil companies had to bear during the first nine months.

IOC chairman M. S. Ramachandran said the gross refinery margins for current fiscal had gone up to $3.99 per barrel of crude oil processed by the company. The refinery margin during the last financial year was $ 2.79 per barrel.