Indian Oil Corp. (IOC) announced a record net profit of ₹22,503 crore for the September quarter, a 2.7‑fold increase over ₹8,300 crore a year earlier.
Revenue rose 30% to ₹2.7 lakh crore from ₹2.1 lakh crore in the same period a year earlier, driven by higher margins in its petrochemicals and gas divisions.
The rise came as global crude prices fell sharply between July and mid‑August, easing IOC’s cost base after a loss of ₹1,241 crore in the June quarter when West Asian conflict pushed prices high.
IOC’s chief financial officer warned that inventory write‑downs could erode margins if crude prices rebound as tensions in West Asia de‑escalate.
Analysts predict the company’s share price may wobble as the market weighs the risk of falling margins against the current profitability spike.
IOC plans to monitor the market and may adjust its hedging strategy ahead of the next quarterly report, expected in early December.