Indian Oil swings into black with record Rs 21,000-cr profit in FY21

Firm attributes remarkable to inventory gains caused by fluctuating global oil prices and rising sales of high-margin petrochemical products

Shreya Jai New Delhi
Indian Oil Corp

A logo of Indian Oil is picture outside a fuel station in New Delhi | Photo: Reuters

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.

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First Published: May 19 2021 | 7:32 PM IST

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