NEW DELHI: State-run Indian Oil Corp. Ltd (IOC) on Friday said its fiscal fourth-quarter profit surged 17% to ₹6,099 crore, driven by higher exchange gains. IOC had reported a profit of ₹5,218 crore in the corresponding year-ago period. The state run fuel retailer posted a revenue of ₹144,472 crore in the fourth quarter of 2018-19 as compared to ₹136,716 crore in the corresponding year ago period. Chairman Sanjiv Singh told reporters that the country’s largest refiner registered an annual revenue of ₹605,924 crore in the financial year 2018-19, a 19.64% increase over ₹506,428 crore revenue posted in 2017-18. However, the net profit for the year fell by 21% to ₹16,894 crore on account of exchange losses and lower inventory gain.

Source: Mint May 17, 2019 09:45 UTC