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Indian Oil announces financial results for Q3

by ChemOrbis Editorial Team -
  • 15/02/2016 (12:03)
According to media reports, state-run Indian Oil’s profit for the quarter ending on Dec 31 increased to INR3,057 crore ($566.11 million) compared with a loss of INR2,637 crore ($488.33 million) in the same period of the preceding year. The company cited strong growth in refining margins and lower raw material prices as the main factors behind their stronger financial results.

Raw material costs declined around 37% to INR34,748 crore ($6.43 billion) in the October-December period. Meanwhile, the company’s net sales declined 22% to INR83,179 crore ($15.4 billion) compared with the same period of the previous year.
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