IOC Q3 profit plunges 76 per cent to Rs 696 cr

State-owned oil refining and marketing major Indian Oil Corporation (IOC) on Friday reported a drop of 76.45 per cent in net profit at Rs 696.59 crore for the third quarter ended December 31.

State-owned oil refining and marketing major Indian Oil Corporation (IOC) on Friday reported a drop of 76.45 per cent in net profit at Rs 696.59 crore for the third quarter ended December 31.

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It had a net profit of Rs 2,958.59 crore in the same period last year. The company’s net sales stood at Rs 70,409 crore—down marginally 0.2 per cent from Rs 70,534 crore in the same period a year ago, it said.

The company’s total expenditure during the quarter rose 3.3 per cent to Rs 69,362 crore from Rs 67,150 crore a year ago.