IOC third quarter net profit doubles to ₹7,883 crore

NEW DELHI: Indian Oil Corp (IOC) on Tuesday reported near doubling of its third quarter net profit on the back of inventory gain arising from sharp rise in global oil prices and jump in refining margins. Net profit in OctoberDecember this fiscal stood at ₹7,883.22 crore, or ₹16.63 per share, as compared to ₹3,994.91 crore, or ₹8.43 a share, in the same period a year ago, IOC Chairman Sanjiv Singh told reporters here. The nation’s largest oil firm also declared a 1:1 bonus share (one free share for every existing equity share of ₹10 each). The Board of Directors also declared an interim dividend of ₹19 per share. “The variation in net profit is largely due to higher inventory gains as well as improved operative performance,” he said.