Profit at India’s Top Refiner Slumps by 99% Due to Weak Margins

IndianOil, the biggest refiner in India, reported on Monday a net profit tumbling by 98.6% in the quarter to September from a year ago amid low Indian fuel demand in the monsoon season and low marketing and refining margins. IndianOil’s net profit slumped to $21.4 million (1.8 billion Indian rupees) for the July-September quarter, down by nearly 99% year over year The net profit for the quarter, which is IndianOil’s second quarter of its 2024/2025 fiscal year, was largely “due to inventory losses and lower refining margins during…