IOC's Remarkable Profit Surge: Unveiling the Hidden Factors

Indian Oil Corporation Ltd (IOC), a state-owned enterprise, has announced a substantial increase in their net profit for the September quarter, driven by enhanced refining margins and enhanced operational efficiencies.

In the fiscal year's second quarter, IOC reported a standalone net profit of Rs 13,288 crore, a significant rise from Rs 180 crore in the same period last year, according to the company.

During Q2, the firm achieved a gross refining margin of USD 19.6 per barrel of processed crude oil—a stark contrast to USD 2.15 in Q1 and USD 1.59 in Q2 of the previous fiscal year—showcasing a strong performance in turning crude into fuels like petrol and diesel.