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IOC Q2FY21 Profit Jumps 13 Fold On Lower Expenditure, Other Income; Stock Gains
Indian Oil Corporation on Friday released its Q2FY21 earnings wherein it posted around 13 fold rise in its consolidated net profit at Rs. 6025.81 crore for the September ended quarter. In the same quarter in the year-ago period, profit at the oil refiner came in at Rs. 468.04 crore.
The profits soared as the overall outlay at the oil marketing company declined 18.78 percent year-on-year from Rs 1,34,823.53 crore to Rs. 1,09,497.85 crore.
Revenue at the firm however edged lower 13.39 percent year-on-year to Rs. 1,16,713.17 crore.
Other income however saw an increase from Rs. 449 crore to Rs. 1157.99 crore.
After the results announcement, the stock of Indian Oil Corporation went higher by 2.55 percent to Rs. 80.45 shares apiece on the BSE but soon pared those gains to trade up by just 1.4% at Rs. 79.55. Meanwhile, the benchmark indices Sensex and Nifty were down 0.32% and 0.22%, respectively.
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