IOC net up 17-fold
New Delhi   14-Nov-2010

State-owned IndianOil (IOC) today reported a 17-fold jump in net profit for the quarter ended September 30 on back of higher refinery margins and government subsidy support. Net profit in July-September stood at Rs 5,293.95 crore compared to Rs 284.36 crore in the same period last fiscal, IOC Chairman Mr. B M Bansal said. The company earned $6.63 on processing every barrel of crude oil as opposed to a gross refining margin of $3.62 per barrel.