With improved refining margins and a lower base impact, state-owned refiner Indian Oil’s net profit increased more than forty times (or 4,128%) year over year (YoY) to ₹7,610.45 crore in the September-end quarter. One of the main measures of profitability, the company’s average gross refining margin, increased by around 55% from $4.08 per barrel in the first half of last year to $6.32 per barrel in the first half of this year.
Arvinder Singh Sahney, the Chief Managing Director of Indian Oil, stated in a press conference on the eve of the second quarter results that the business will adhere to all international sanctions, without addressing the company’s imports of Russian oil.
With improved refining margins and a lower base impact, state-owned refiner Indian Oil’s net profit increased more than forty times (or 4,128%) year over year (YoY) to ₹7,610.45 crore in the September-end quarter. One of the main measures of profitability, the company’s average gross refining margin, increased by around 55% from $4.08 per barrel in the first half of last year to $6.32 per barrel in the first half of this year.
Due to inventory losses and lower refining margins resulting from fewer cracks, the refiner reported a profit of ₹180 crore in the second quarter of last year. These figures were mainly consistent with global trends at the time.
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