Lower petroleum product prices resulted in a decline in the quarterly revenue from Rs 93,830 crore to Rs 80,449 crore. This is company's highest ever annual profit.In the fourth quarter, IOC incurred an inventory loss of Rs 3,335 crore compared with Rs 871 crore in the year-ago period. Another provision of Rs 612 crore for increased lease rentals in Delhi also dented its profit. NEW DELHI: Indian Oil Corporation's fourth quarter profit slumped 80 per cent on higher inventory loss and provision for impairment as crude oil prices fell during the period.Profit fell to Rs 1,235 crore for three months to March. The Delhi Development Authority (DDA) has sharply raised lease rentals for filling stations in the capital, which is being contested by oil companies.

Source: Economic Times May 27, 2016 08:35 UTC