State-owned oil refining and marketing company Indian Oil Corporation (IOC) posted a record consolidated net profit of Rs 21,762 crore for the fiscal year 2020-21 (FY21) against a loss of Rs 1,876 crore the year before. This is the highest annual profit ever reported by the firm.
However, total income fell to Rs 5.23 trillion during FY21, from Rs 5.78 trillion.
IOC’s management attributed the increase in profit to inventory gains, which came from fluctuations in global oil prices and rising sales of high-margin petrochemical products.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.