IOC Q3 net jumps over two-fold

IOC Q3 net jumps over two-fold

 Net profit jumped 134.7 per cent in the October-December quarter from Rs 696.59 crore in the same period a year ago, IOC Chairman S V Narasimhan said.

IOC’s turnover rose 16.7 per cent to Rs 82,179 crore in Q3 from Rs 70,431 crore during the same period last year.

IOC earned $6.33 on turning every barrel of crude oil into petroleum products in the quarter as against a gross refining margin (GRM) of $3.64 per barrel a year ago.

Narasimhan said IOC sold 18.422 million tonnes of products, including exports, during the third quarter of 2010-11. “Our quarterly refining throughput was 13.319 million tonnes and the throughput of the company’s countrywide pipelines network went up by 1.205 million tonnes to 17.080 million tonnes,” he said.