Indian Oil's Q3 Profit Spikes on Inventory Gain

State-owned Indian Oil Corporation January 30 said its standalone net profit during the three months to December 31 (Q3 2020) jumped 226% yr/yr thanks to inventory gain.

Company’s net profit in Q3 was rupees 23.39bn ($340mn) as against rupees 7.17bn in the same quarter last year. Revenue during the quarter was rupees 1.45 trillion versus rupees 1.6 trillion in the year-ago period, the company said.

Profit for the nine months to December 31 (9M 2020) was rupees 64.99bn, down from rupees 10.79bn in the year-ago period.