IOC Q3 net nearly doubles to Rs 78.83 bn on higher inventory gains

State-run Indian Oil Corporation (IOC) has posted a 97 per cent jump in net profit for the third quarter of the financial year ended on December 31 to Rs 78.83 billion as against Rs 39.95 billion during the same time last year on the back of strong inventory gains and high refinery margins.

The board of directors has declared an interim dividend of Rs 19 per equity share at a face value of Rs 10 per equity share. The company's total income for the October to December quarter of the financial year also zoomed 14 per cent to Rs 1.32 trillion