IOCL's Q4 profit jumps 56% to ₹11,377 cr despite under-recoveries

Indian Oil Corporation (IOCL) reported a 56% year-on-year rise in its net profit for March quarter. Net profit in the fourth-quarter rose to ₹11,377.51 crore from ₹7,264.85 crore a year earlier. The company said the record earnings were aided by healthy marketing and refining margins. The surge came despite the company facing under-recoveries on fuel sales amid the US-Iran conflict.