Indian Oil Annual Profit Up Almost 70%

Indian Oil Corporation has posted a net profit of rupees 191.06bn ($2.96bn) for the financial year 2016-17 that ended March 31, 2017, up by almost 70% compared with a profit of rupees 112.42bn in the previous fiscal year, the company said May 25.

Revenue stood at rupees 4.45tn as compared to rupees 4.06tn in 2015-16, it said.

Natural gas sales, at 3.79mn metric tons, registered a growth of 4% over the previous year, making Indian Oil the second largest player in the growing business segment, the company said.

Profit for the March quarter (4Q) was rupees 37.21bn, up 85% year on year. Total revenue in 4Q was rupees 1.22tn, it said.

Shardul Sharma