Indian Oil's Q2 profit more than doubles on refining margins

Indian Oil Corporation's standalone net profit more than doubled to ₹21,630 crore in the September quarter, helped by lower crude prices between mid-June and mid-August and strong petrochemical and gas margins. Its gross refining margin rose to $18.52 a barrel from $10.66 a year earlier, and revenue grew nearly 30%. The company warned of possible inventory losses in coming quarters.