Indian Oil 1Q Profit Drops 45%

Indian Oil Corporation said August 3 that its 1Q profit dropped 45% year-on-year to rupees 45.49bn ($715mn) due to inventory losses.

Income from operations for the quarter ended June 1, 2017 rose by 19.6% year-on-year to rupees 1.3tn.

Indian Oil sold 22.5mn metric tons of products, including exports, during 1Q fiscal 2017-18. Refining throughput for the quarter was 17.5mn mt and the throughput of the corporation's countrywide pipelines network was 21.3mn mt during the same period. 

Shardul Sharma