Indian Oil Corp.’s fourth quarter net profit triples

Indian Oil Corporation (IOC) beat analysts’ estimates as its fourth-quarter net profits tripled. This increase in profits was largely due to a cash subsidy payment from the government, which helped the state-run company offset losses it incurred by selling fuel products at below-market rates. The company is India’s largest refiner and fuel retailer by market size and the profit growth will enable the oil company to increase investment on capacity expansion and borrow less to pay for expenses. Chairman R.S. Butola said the company needs an annual profit of at least Rs 100 billion (US$1.8 billion) to meet its expansion requirements. (May 28, 2012)