Oil Giant's Profit Plummets Despite Record Sales

Indian Oil Corporation (IOC) reported a significant 64% drop in net profit for the December quarter of FY25, largely due to inventory and foreign exchange losses. Despite surging fuel sales, the company's earnings fell sharply compared to the same period last year, but improved from the previous quarter.

Indian Oil Corporation, the leading oil firm in India, has announced a drastic 64% plunge in its net profit for the December quarter of fiscal year 2025, primarily due to inventory and currency exchange losses.

Net profit dropped to Rs 2,873.53 crore, a significant decrease from Rs 8,063.69 crore recorded in the same quarter last year, as detailed in the company's stock exchange filing. However, profits have improved compared to the previous quarter.

Despite achieving record fuel sales, the company faced challenges such as reduced refining margins and decreased product cracks, contributing to its financial downturn in Q3.

(With inputs from agencies.)