Indian Oil Edges Higher After Profit Jumps 3-Folds To Rs 5,941 Crore In June Quarter

Indian Oil Q1 Results: The state-run oil refiner's net profit grew 211 per cent - almost three folds in the June quarter driven by higher gross refining margins as the prices of oil products surged.

Indian Oil Edges Higher After Profit Jumps 3-Folds To Rs 5,941 Crore In June Quarter

Shares of Indian Oil were last trading 0.14 per cent higher at Rs 104.05 on the BSE.

Share price of Indian Oil Corporation (IOC) edged marginally higher on Friday, July 30, after the country's largest oil refiner announced its April-June quarter results for the financial year 2021-22. On Friday, Indian Oil opened on the BSE at Rs 104.50, touching an intra day high of Rs 106.25 and an intra day low of Rs 103.3, in the trading session so far. Indian Oil reported a net profit of Rs 5,941.37 crore on a standalone basis in the first quarter of the current fiscal, compared to Rs 1,910.84 crore in the same quarter last year.

The state-run oil refiner's net profit grew 211 per cent - almost three folds in the June quarter driven by higher gross refining margins as the prices of oil products surged. The company's revenue from operations stood at Rs 1,55,056.27 crore, compared to Rs 88,938.97 crore in the year-ago period. Indian Oil and its unit - Chennai Petroleum, control a third of the country's five million-barrels-per-day refining capacity.

Indian Oil Corporation's total income stood at Rs 1,55,619.83 crore, compared to Rs 89,577.78 crore in the corresponding quarter of the previous fiscal. In the preceding January-March quarter of the financial year 2020-21, the company reported a net profit of Rs 8,781.30 crore.

On the NSE, Indian Oil opened at Rs 104.25, registering an intra day high of Rs 106.30 and an intra day low of Rs 103.25, in the session so far. It was last trading 0.14 per cent higher at Rs 104.05 on the NSE.

Shares of Indian Oil were last trading 0.14 per cent higher at Rs 104.05 on the BSE.