NEW DELHI, July 28: The Indian Oil Corporation Ltd (IOC) has posted a 105 per cent jump in net gain and a 21 per cent increase in gross turnover in the first quarter of this fiscal.The oil refining and marketing mega corporation earned a net profit of Rs 590 crore in the first three months of this year compared to Rs 287 crore in the first quarter of the 1997-98 fiscal. Between April and June, Indian Oil's gross sales touched Rs 17,134.89 crore, compared to Rs 14,104.64 crore in the first quarter of last year.
The effect of partial decontrol is clearly visible in IOC's results. Though its turnover has increased by only 21 per cent, the bottomline has shown a tremendous growth rate of 105 per cent.
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