Indian Oil reports highest ever annual profit
State-owned oil retailer Indian Oil (IOCL) on Friday reported its highest-ever profit in a single year for the 2015-16 fiscal at ₹10,399 crore, nearly twice of ₹5,273 crore posted in 2014-15. However, net profit for the quarter ended March dropped 80.3% year-on-year to ₹1,236 crore. The record profit was attributed to lower inventory losses and a reduction in costs. 