IOC Q2 net up 18% at Rs 3,696 crore

Revenues soared to Rs 1.1 lakh crore from Rs 1 lakh crore last year

Indian Oil Corporation, IOCL, IOC
Indian Oil Corporation logo outside a fuel station in New Delhi. Photo: Reuters

State-owned Indian Oil Corp (IOC) on Friday reported an 18 per cent rise in second-quarter net profit on the back of higher fuel sales. Net profit in July-September at Rs 3,696.29 crore, or Rs 7.80 per share, was 18.4 per cent higher than Rs 3,121.89 crore, or Rs 6.59 a share, net profit in the year-ago period, the company said in a regulatory filing. Domestic fuel sales rose to over 19 million tonnes from 18.46 million tonnes while exports rose 52 per cent to 1.877 million tonnes. IOC's refineries turned 16.1 million tonnes of crude oil into fuel in the second quarter ...