ALSO READIOC eyes Tata's Gopalpur industrial park for common user facility IOC faces land hurdle to expand Paradip refinery Railways plans tie-up with IOC to cut on expenses IOC posts 85.5% rise in Q4 profit on back of inventory gains IOC to invest around Rs 20,000 in 2017-18; plans expansion, acquisitions
State-owned Indian Oil Corp (IOC) on Friday reported an 18 per cent rise in second-quarter net profit on the back of higher fuel sales. Net profit in July-September at Rs 3,696.29 crore, or Rs 7.80 per share, was 18.4 per cent higher than Rs 3,121.89 crore, or Rs 6.59 a share, net profit in the year-ago period, the company said in a regulatory filing. 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.Revenues soared to Rs 1.1 lakh crore from Rs 1 lakh crore last year.