State-owned Indian Oil Corporation (IOC) on Friday reported its September quarter net profit at Rs 3,696 crore with 18 per cent rise on the back of higher fuel sales. The company said in the BSE filing that September quarter revenue from operations increased 10 per cent and was at Rs 1.11 lakh crore versus Rs 1 lakh crore last year. The average gross refining margin was at $6.08 per barrel for the April-Sept period. The company's net profit in September quarter last year was Rs 3,122 crore. IOC said its gross refining margin (GRM) for the quarter fell to $6.08 per barrel from $7.19 per barrel in the same quarter last year. Domestic fuel sales rose to over 19 million tonnes from 18.46 million tonnes while exports rose 52 per cent to 1.877 million tonnes.
IOC's refineries turned 16.1 million tonnes of crude oil into fuel in the second quarter as compared to a throughput of 15.6 million tonnes in July-September 2016.