Indian Oil Corporation has reported a net profit of Rs.6,435.7 crore for the first quarter of fiscal 2015-16. This was more than 2.5 times that of the net profit of Rs.2,522.94 crore in the same quarter last year.
The increase in net profit was despite a 19 per cent drop in its net revenue at Rs.1,01,306 crore compared with Rs.1,24,956 crore in the same quarter last year.
The improvement in profit was achieved on the back of the company's gross refining margin for the quarter reaching $10.77 a barrel, nearly five times more than the GRM of $2.25 a barrel last year.
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