Indian Oil Corporation posts Rs 3,057 crore profit

Indian Oil Corporation (IOC), the country’s largest refiner and fossil fuel retailer, has swung to a quarterly profit on higher refining margins, increased profit from petrochemicals and reduced inventory losses. The company has reported a profit of Rs 3,057 crore for the October-December quarter, compared to a loss of Rs 2,637 crore a year earlier. Sales dipped to Rs 83,179 crore from Rs 106,927 crore due to fall in oil prices.