Indian Oil Reports Higher Q4 Profit

State-owned Indian Oil Corporation’s net profit during the three months to March 31 (Q42019) was rupees 60.99bn ($880mn), up almost 17% year-on-year owing to foreign exchange gains, it said May 17.

Revenue during the quarter was rupees 1.44 trillion compared with 1.36 trillion in the same quarter of previous year.

Net profit for the 12-months to March 31 was rupees 168.9bn, down from rupees 213.46bn in the year ago period, the company said. Revenue for the full year was rupees 6.06 trillion, up 20% year-on-year.

Indian Oil sold 89.894mn metric tons of products, including exports, during the full year while it sold 22.64mn mt of products during Q4, it said.