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IOC posted a net profit of Rs 3,682.83 crore in the April-June quarter, as opposed to Rs 415.13 crore a year ago.
This year’s profit also included that of Bongaigaon Refineries Ltd which was merged with the company in March.
“Lowering of crude oil prices has had a positive impact on our earnings,” IOC Chairman Sarthak Behuria said.
The rise in profitability was mainly due to foreign exchange gain of Rs 391 crore in the quarter and inventory gains of Rs 1,733 crore.
Last year IOC had incurred huge inventory losses on rising oil prices. It’s turnover declined 21.3 per cent to Rs 63,520.62 crore, from Rs 80,734.80 crore in the previous year as the company realised lower prices on products sold.It earned $ 7.36 on processing of every barrel of crude oil as against $16.81 per bbl gross refining margin in Q1 on previous fiscal.