Indian Oil Corp Profit Up 18%

State-owned Indian Oil Corporation said October 27 it made a net profit for the quarter ending September 30, 2017 of rupees 36.96bn ($0.57bn), up 18.4% year on year.

Revenue for the same quarter was rupees 1106.37bn, registering 10.4% year on year increase, driven mainly by a 11.9% rise in petroleum products sales.

For the first half of India's fiscal year (April-September 2017), net profit was rupees 82.45bn compared with 113.91bn in the year ago period. The drop in profit  was due to inventory losses during the current period as against inventory gains during the year-ago period.

Revenue for April-September 2017 was rupees 2388.28bn, compared with rupees 2074.58bn in the year-ago period.

Shardul Sharma