Indian Oil Corporation (IOC), the nation’s largest fuel retailer, today posted a 12.5 per cent dip in net profit for the quarter ended September at Rs 3,326 crore. The company had posted a net profit of Rs 3,805 crore in the same quarter last financial year.
Total income of the company, however, rose 38 per cent to Rs 155,687 crore during the September 2018 quarter from 112,887 crore posted in the corresponding quarter last fiscal.
IOC said its average Gross Refining Margin (GRM) during the six months ended September 2018 stood at $8.45 per barrel as compared to GRM of $6.08 per barrel in the same period last fiscal.