Shares of Indian Oil Corp slumped on Friday even though the state-owned oil refiner swung to a profit in the first quarter.
What Happened? Indian Oil’s net profit came in at ₹13,750 crore for the quarter ended June, a massive improvement over a loss of ₹1,993 crore a year earlier.
The bump in profit was mostly due to higher fuel sales and fatter marketing margins as expenses dropped significantly.
The company earned ₹9.98 per share during the quarter versus a loss of ₹1.45 per share a year ago.
However, the oil refiner’s revenue took a hit in the first quarter, standing at ₹2.21 lakh crore compared with the ₹2.52 lakh crore it made last year.
Price Action: Indian Oil’s share price was languishing deep in the red in late afternoon trade on Friday, down 3.30% at ₹95.35.
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