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CORPORATE: Indian Oil pumps up nine-fold rise in Q1 profits.
from BUSINESS LINE, July 31, 2009 New Delhi, July 30 - Foreign exchange gains, lower interest coupled with inventory gains have helped Indian Oil Corporation Ltd (IOC) post a nine- fold jump in net profit for the first quarter of the current fiscal.
The company's net profit for the quarter ended June 30, 2009, stood at Rs 3,682.83 crore up from Rs 415.13 crore in the same quarter last fiscal.
Speaking to newspersons after the board meeting, Mr Sarthak Behuria, Chairman, IOC, said, "Lowering of crude oil prices has had a positive impact on all oil marketing companies. Higher profit during the quarter was mainly on account of inventory gains, foreign exchange gains and …
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