Indian Oil's 3Q Profit Rises 29%

India’s leading state owned oil and gas firm Indian Oil posted a net profit of rupees 153.86bn ($2.29bn) for the nine months ended December 31, 2016, compared with a net profit of rupees 92.36bn during the corresponding period of the previous year, a jump of almost 66%.

Profit for the 3Q of FY 2016-17 stood at rupees 39.95bn, compared with rupees 30.96bn in the corresponding quarter of 2015-16, an increase of 29%, Indian Oil said last week.

For 3Q, Indian Oil's product sales, including exports, were 21.314 million mt. 

Shardul Sharma