IOC Q4 net profit plunges by half

IOC's Q1 net profit halved to Rs 4,838 crore due to fuel price cuts and petrochemical losses. Refining margins declined, and revenue fell slightly to Rs 2.21 lakh crore. Despite rising crude prices, IOC absorbed costs through price cuts, affecting its profitability.

Indian Oil Corporation (IOC) on Tuesday reported halving of its March quarter net profit on fuel price cut and loss in the petrochemical segment.

Net profit was Rs Rs 4,837.69 crore in January-March compared with Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding quarter, according to a stock exchange filing by the company.

Profit was lower as refining margins dipped, the petrochemical segment turned negative and the firm cut petrol and diesel prices despite crude oil prices edging up.

Revenue dipped to Rs 2.21 lakh crore in January-March from Rs 2.28 lakh crore a year back.

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