Indian Oil Q2 Profit Triples on LPG Subsidy
Indian Oil Corporation reported a nearly threefold increase in second-quarter profit to 216.30 billion rupees. The growth was driven by government compensation for domestic LPG losses and higher revenue despite rising crude procurement costs.
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INDIAN OIL CORP LTD reported standalone net profit of 216.30 billion rupees ($2.28 billion) for the quarter ended September 30, up from 76.10 billion rupees a year earlier. The state-run refiner's earnings surged nearly threefold, beating expectations. Government compensation for domestic LPG losses drove the profit expansion despite elevated crude expenses.
