Public sector Indian Oil Corporation on Wednesday reported massive dip its net profit during third quarter of current fiscal as a result of a sharp plunge in global crude prices.
IOC was forced to take a price cut in October as the government wanted to cushion the impact of high crude oil prices on consumers.
The move hurt the company's margin and its net profit came down to Rs 717 crore during the October to December 2018 quarter compared to Rs 7,883 crore during the same period in the previous year.
The average gross refining margin declined to 5.83 dollars per barrel from 8.28 dollars per barrel, the company said in filings to the stock exchanges.
IOC's gross revenue went up to Rs 160,137 crore during Q3 FY18 from Rs 130,875 crore during Q3 FY17.
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