Indian Oil posts March-quarter profit on inventory gains

The company reported a net profit of 87.81 billion Indian rupees for the quarter ended March 31

Revenue rose 18% to 1.64 trillion rupees. Credit: Reuters Photo

Indian Oil Corp Ltd on Wednesday reported a profit for the fourth quarter as higher crude prices boosted the inventory value of the country's biggest refiner.

The state-owned company reported a net profit of 87.81 billion Indian rupees ($1.20 billion) for the quarter ended March 31, compared with a loss of 51.85 billion rupees a year ago.

Revenue rose 18% to 1.64 trillion rupees.

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