Indian Oil Corporation Ltd (IOC), the nation’s biggest oil firm, on Friday reported a 47 per cent drop in its June quarter net profit as coronavirus pandemic pummelled fuel demand and shrank refinery margins.
Standalone net profit in April-June at Rs 1,910.84 crore, or Rs 2.08 per share, was 46.8 per cent lower than Rs 3,596.
11 crore, or Rs 3.92 a share, net profit in the same period of the last financial year, IOC Chairman Shrikant Madhav Vaidya told reporters here.
“The variation in net profit is primarily due to inventory losses,” he said.
