Indian Oil Corporation’s net profit soared to Rs 8,063.39 crore in the October-December quarter from Rs 448.01 crore in the same period a year ago.
The data showed that the December quarter profits were lower than Rs 12,967.32 crore earnings in the preceding three months ended September 30.
Profit was aided by a boost in marketing margins. A freeze on petrol and diesel price revision despite a fall in input crude prices helped recover losses incurred when rates were high in 2022-23.
Company chairman S.M. Vaidya said IOC sold 72.27 million tonnes of petroleum products, including exports, during the period April-December.
“Our refining throughput for the first nine months of FY 2023-24 was 55.02 million tonnes and the throughput of the corporation’s countrywide pipelines network was 77.03 million tonne during the period.”