Indian Oil Corporation Ltd swings back to profit as refining margins improve

Indian Oil Corporation Ltd reported a standalone net profit of ₹76.10 billion for the quarter ended September 30, up from just ₹1.80 billion in the same quarter last year, driven by stronger refining margins and a 4 % year-on-year revenue increase to ₹2.03 trillion. The firm’s refining margin rose to US$10.6 per barrel in the quarter, up from US$4.08 a year earlier. Analysts noted that increased exports and lower crude input costs underpinned the turnaround. Shares rose ~3 % on the day.