Forex volatility evaporates IOC’s net
India’s biggest oil firm suffers 64% loss in Q3 net profit
Indian Oil Corporation

New Delhi: Indian Oil Corporation (IOC), India’s biggest oil firm, on Monday reported a 64 per cent drop in its December quarter net profit as inventory and foreign exchange losses eroded gains from record fuel sales.
Standalone net profit of Rs2,873.53 crore in October-December 2024 - the third quarter of April 2024 to March 2025 fiscal year (FY25) - compared to Rs8,063.69 crore earnings in the same period a year back, according to a stock exchange filing of the company. Profit however surged quarter-on-quarter when compared to Rs189.01 crore earnings in July-September 2024. IOC Director (Finance) said the decline in profit was mainly because of inventory and foreign exchange losses and a fall in product cracks. The company had a Rs7,800 crore of inventory loss delta in the third quarter.