Nov. 13: State-owned Indian Oil Corporation (IOC) today reported a 17-fold jump in net profit for the quarter ended September 30 on the back of higher refinery margins and government subsidy support.

Net profit stood at Rs 5,293.95 crore compared with Rs 284.36 crore in the same period last fiscal, IOC chairman B.M. Bansal said.

The company earned $6.63 on processing every barrel of crude oil against a gross refining margin of $3.62 per barrel in the same quarter last fiscal.

IOC lost Rs 17,421 crore in revenues on selling diesel, domestic LPG and kerosene. The government has provided Rs 7,219.95 crore as cash subsidy and another Rs 5,806.80 crore was received from upstream firms such as ONGC Ltd.

The company got the compensation for the entire first half in October, while no subsidy support was provided in the year-ago period.

R-Com show

Reliance Communications (R-Com) has reported a nearly 40 per cent decline in consolidated net profit at Rs 445 crore for the September quarter on high foreign exchange provisioning.

“Net profit would have been higher by 165 per cent at Rs 1,181 crore but for mark-to-market gain of Rs 735 crore, used to set-off earlier notional forex loss etc,” R-Com said.

Net profit stood at Rs 740 crore in the same quarter previous year.

Total income from operations declined to Rs 5,022.99 crore from Rs 5,496.25 crore.

Titagarh Wagons

Wagon manufacturer Titagarh Wagons has registered a 26 per cent growth in net sales for the September quarter at Rs 166.54 crore against Rs 131.54 crore in the corresponding quarter last year.

Net profit increased 49 per cent to Rs 17.64 crore from Rs 11.83 crore in the same quarter of 2009.