Indian Oil Corp Q4 net profit rises 17% on inventory, exchange gains

The rise in net profit is on account of inventory and exchange gains, said IOC Chairman Sanjiv Singh on Friday

State-run Indian Oil Corporation (IOC) on Friday reported a 17 per cent increase in net profit for the fourth quarter (Q4) of the financial year (FY) 2018-19 to Rs 6,099.27 crore. Net profit in January-March 2018 was Rs 5,218.10 crore. 

“The rise in net profit is on account of inventory and exchange gains,” IOC Chairman Sanjiv Singh said on Friday.

The company’s gross refining margin (GRM) for the period under review was seen at $4.09 a barrel as against a higher GRM of $9.12 a barrel in the January-March quarter of 2017-18. 

The company’s inventory gain for the quarter was Rs 2,655 crore