IOC net profit at record Rs 10,399 crore in 2015-16
New Delhi   28-May-2016

Flagship refiner-marketer IndianOil Corporation on Friday reported a net profit of Rs 10,399 crore in 2015-16, to become nation's second most-profitable state-run entity after Oil and Natural Gas Corporation.

IndianOil posted the profit despite an 80% drop in the March quarter earnings because of inventory losses.

"In the oil sector, you should look at the year as a whole. There may be a period in the year where there could be variation in performance due to several factors. The profit in 2015-16 is the highest-ever and better than Rs 10,200 crore profit posted in 2009-10. We have had an outstanding year in terms of both operating performance, efficiency and profit," company chairman B Ashok said. IndianOil had posted a net profit of Rs 5,273 crore in 2014-15.

The net profit of Rs 10,399 crore in the fiscal ended March 31, 2016 is second to Oil and Natural Gas Corporations' Rs 16,004 crore.