Indian Oil’s Profit Tumbles by 81% on Weak Refining Margins

Indian Oil Corporation, the state-held refining giant, saw its net profit plummet by 81% for the first quarter of the 2024/2025 fiscal year compared to year-ago levels, as lower refining and marketing margins weighed on the financial performance. IndianOil reported a net profit of around $316 million (26.43 billion Indian rupees) for the April to June 2024 quarter, down from $1.64 billion (137.5 billion rupees) for the same quarter of 2023. The state-held company attributed the slump in profits mainly to “reduced refining margins affected…