Oil marketing firm IndianOil Corporation (IOC) said on Friday its net profit for December quarter more than doubled to Rs 4,917 crore from Rs 2,339 crore in the year-ago period. This was largely as the value of inventory increased due to higher crude oil prices and margins jumped in the petrochemicals business. IOC said revenue from operations rose to Rs 1.48 lakh crore in October to December 2020 from Rs 1.45 lakh crore in the same quarter of previous fiscal. The other income moved up to Rs 1,269 crore in Q3 FY21 from Rs 557 crore in Q3 FY20. On the other hand, total expenses came down to Rs 1.4 lakh crore from Rs 1.42 lakh crore in the same period. The average gross refining margin for April to December 2020 works out to USD 2.96 per barrel as compared to USD 3.34 per barrel in April to December 2019. The core gross refining margin or the current price gross refining margin for April to December 2020 after offsetting inventory loss or gain comes to USD 1.45 per barrel. The board of directors has declared an interim dividend of Rs 7.50 per equity share with a face value of Rs 10 each.
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