Nation’s biggest oil firm, IOC reports a net profit of Rs 8781.3 crore in the March quarter

Indian Oil Corporation sees an unexpected net profit of Rs 8781.3 crore in the quarter of March 2021. Chairman SM Vaidya says that the rise in profitability is due to higher inventory gain and petrochemical margin.

The nation’s biggest oil firm, Indian Oil Corporation (IOC), reports a net profit of Rs 8781.3 crore in the March quarter. Well, it’s being considered even better than what was anticipated.

The surge in profitability was because of higher inventory gain and petrochemical margin in the fourth quarter of 2020-21 fiscal, IOC Chairman S.M. Vaidya said.

Chairman Vaidya also adds that the net profit in the March quarter this year stands at Rs 8781.3 crore compared to the net loss of Rs 5185.3 crore in the same period last year, as quoted by The Hindu.

He also says that the second wave of Covid-19 contagion has impacted the fuel demand but not as much as in April-June last year.

Adding further, he informs that petrol-diesel sales have gone down by 15-20%. Furthermore, the board has declared a final dividend of Rs 1.50 per equity share.

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