Company chairman S M Vaidya said IOC refineries were operating at 93% capacity, up from 35% during the lockdown period, and expected fuel demand to be back to normal in a couple of months.
The profit increased in spite of lower sales mainly due to inventory gains of Rs 7,400 crore, against Rs 1,807 crore inventory losses in the year-ago period, and forex gains of Rs 672 crore as compared to forex losses of Rs 1,135 crore in the previous corresponding period.
A decline in outflows at Rs 109,497.85 crore from Rs 134,823.53 crore a year ago also helped the bottom line.
The company sold 17.7 million tonne of fuels in the July-September period, which is 16 per cent higher than the preceding quarter but 12 per cent lower than 20.17 million tonnes sold in the year-ago period.
Revenue from operations was lower at Rs 1.15 lakh crore as compared to Rs 1.32 lakh crore a year ago.
The company’s refineries processed almost 14 million tonnes of crude oil in the second quarter, up from about 13 million tonnes in the April-June period, but lower than 17.5 million tonnes a year ago.