Indian Oil Corporation has reported a net profit of ₹3,056 crore for the third quarter of fiscal 2015-16 as its inventory loss came down significantly from the same quarter last year. The company had reported a net loss of ₹2,636 crore in the same quarter last year.
The company swung to a net profit despite a 22 per cent drop in net revenues during the quarter to ₹83,461 crore from ₹1,07,073 crore in the same quarter last year.
The drop in net revenues was primarily due to the fall in international prices of petroleum products, said B Ashok, Chairman, IndianOil. The company’s gross refining margin was $5.96 per barrel during the quarter compared to $-7.73 per barrel in the same quarter last year.
Indian Oil’s board also approved an interim dividend of ₹5.5 per share.