Indian Oil net profit triples YoY to 21,630 cr in Q2
Executive Brief • Key Highlights
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- ✓Indian Oil posted a nearly threefold surge in second quarter net profit at ₹21,630 crore, spurred by higher pump prices and government compensation for subsidised LPG sales.
- ✓Revenue from operations rose 29% to ₹2,62,935 crore.
- ✓The firm said profitability got a boost from lower crude prices and strong gas margins.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Economic Times
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Indian Oil experienced a remarkable surge in its net profit, which soared to ₹21,630 crore for the second quarter. This growth can be attributed to elevated pump prices and government subsidies for LPG sales. In contrast, the same quarter last year showcased a profit of only ₹7,610 crore. Moreover, operational revenue increased by 29%, reaching ₹2,62,935 crore, with the firm's operating profit from petroleum product sales more than doubling.
Indian Oil posted a nearly threefold surge in second quarter net profit at ₹21,630 crore, spurred by higher pump prices and government compensation for subsidised LPG sales.
The company had recorded a profit of ₹7,610 crore in the year-ago quarter though it slipped to a loss of ₹2,661 crore in the June quarter this fiscal as the Iran war lifted global crude oil prices.
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Economic Times
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