Monday, June 12, 2023

IndianOil net increases by 67% due to greater margins

 NEW DELHI: IndianOil, the largest oil company in the country, reported a 67% increase in its net profit for the March quarter on Tuesday due to improved refining margins and improved fuel marketing margins.

Independent net benefit was at Rs 10,059 crore, or Rs 7. 3 an offer, in January Walk contrasted and Rs 6,022 crore, or Rs 4. 4 per share during the same time period a year ago, as stated in a company's filing with the stock exchange. The leap in final quarter net benefit assisted the organization with posting Rs 8,242-crore net benefit for the full monetary 2022-23 by nullifying the misfortunes thefirm needed to experience in the main portion of the monetary year from holding petroleum, diesel and LPG costs regardless of a flood in cost.

The Indian Oil Corporation (IOC) and two other state-owned retailers of fuel, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL), continue to maintain their prices, but a decline in international oil prices has resulted in them now earning healthy margins. Since April 6 of last year, the prices of gasoline and diesel have not changed.

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