New Delhi, Oct 31 (IANS): Indian Oil Corporation posted a net profit of Rs 12,967.3 crore for the July-September quarter of the current financial year compared to a loss of Rs 272 crore in the same quarter of the previous year.

The profit in the current fiscal comes on the back of higher refining margins. The total revenue during the quarter was Rs 1.8 lakh crore.

However, sequentially the oil marketing giant’s profit fell 5.7 per cent as it had posted Rs 13,750 crore profit in the previous quarter (April-June) and the revenue declined 9 per cent.

The total profit of Indian Oil in the first half of the current financial year has crossed Rs 27,600 crore.

Indian Oil result comes close on the heels of BPCL bouncing back with a consolidated net profit for Q2 FY 23-24 at Rs. 8,244 crores as compared to the loss of Rs 338 Crores in Q2 FY 22-23.

The public sector giant has also clocked his highest ever half-yearly profit of Rs 19,052 crore.

The higher profits of the government oil giants augurs well for the economy as it enables the country to bear the shocks of sudden spikes in global crude oil prices.