Indian Oil's 2Q Profit Down

Indian Oil Corporation November 2 reported a 12.2% year-on-year drop in net profit for the three months to September 30 (2Q 2019) on foreign exchange losses. The rupee dropped more than 7% against the dollar over the quarter.

Its net profit in 2Q 2019 was rupees 32.47bn ($450mn) as against rupees 36.96bn in the same quarter last year. Net profit for 1H 2019, however was up 22.23% year-on-year, at rupees 100.78bn ($1.4bn), mainly on account of inventory gains.

Revenue during 2Q 2019 was rupees 1.51 trillion compared with rupees 1.1 trillion in the same quarter of last year, the company said. For 1H 2019 revenue was rupees 2.01 trillion compared with rupees 2.36 trillion in the corresponding half of the previous year.