SLOWER GROWTH: INDIAN OIL CORPORATION (IOC posts 6% growth in net profit to Rs28.8 billion during 2001-2002).

(From India Business Insight)

Indian Oil Corporation (IOC) posted six percent growth in net profit to Rs28.8 billion during 2001-2002 (Rs27.2 billion during 2000-2001). Its turnover declined to Rs1,150 billion (Rs1,175 billion) due to drop in its sales volume to 47.2 million tonnes (47.8 million tonnes). IOC registered 55 percent increase in profit before tax due to sharp reduction in the prices of crude oil, which led to 10.2 percent drop in the expenditure on raw materials to Rs290 billion. IOC reduced its staff expenses by 18.5 percent and its purchase of products and …