IOC net tanks 31% in Q4 but co ends FY22 with record profit

Long spells of fuel price freeze amid rising crude dragged down state-run IndianOil’s net profit by more than 31% to Rs 6,021.8 crore in the fourth quarter of 2021-22 from Rs 8,781.3 crore a year ago. But still, India’s largest oil refiner and fuel retailer closed the financial year with highest-ever profit of Rs 24,184 crore, 10% higher than Rs 21,836.04 crore posted in 2020-21.

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