Oil marketing firm Indian Oil Corporation (IOC) on Thursday reported 83 per cent dip in net profit to Rs 563 crore for the second quarter ended September due to a slump in revenue and fall in gross refinery margins.
The country's largest fuel retailer had posted a net profit of Rs 3,247 crore in Q2 FY19. IOC's revenue from operations declined by 13 per cent to Rs 1.32 lakh crore during Q2 FY20. The gross refining margin dropped to 2.96 dollars per barrel for the first six months (April to September) as compared to 8.45 dollars per barrel posted in the corresponding period a year ago.
Its refinery throughput declined marginally to 17.53 million tonnes in Q2 FY20 as compared to 17.81 million tonnes in Q2 FY19.
At the same time, domestic sales increased marginally to 20.17 million tonnes from 19.82 million tonnes during July to September last year.