Indian Oil Q1 net profit rises 30.9%

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OIL, Director Exploration & Development
Indian Oil Corporation has reported a 30.9 per cent increase in its net profit to Rs 8,628.98 crore for the first quarter of fiscal 2016-17. The company’s net profit in the same quarter last year was Rs. 6,590.83 crore.
During the quarter, the company’s net revenue fell 5.75 per cent to Rs. 1,07,200.65 crore compared to Rs. 1,13,743.46 crore in the same quarter last year.
The company’s board also recommended the issue of bonus shares in the ratio of 1:1.
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