IOC Q1 net profit surges 50%

 

New Delhi, Aug 14: IOC reported a 50% jump in its April-June quarter net profit as inventory gains negated lower refining margins. Consolidated net profit at Rs 6,831 crore in the first quarter of the current 2018-19 compared with Rs 4,549 crore net in the same period of the previous financial year, the company said in a statement here.
“The variation is majorly on account of higher inventory gains of Rs 7,866 crore during the current quarter, which is partly compensated by lower refining margins and exchange losses,” it said.