By Ben Otto
Indian Oil Corp.'s first-quarter net profit fell 40% from a year earlier, as revenue suffered amid a nationwide lockdown due to the Covid-19 pandemic.
The Indian energy company said Friday that it booked net profit of 22.27 billion rupees ($297.4 million) for the quarter ended June 30, down from INR37.38 billion in the same period a year ago.
Revenue from operations and other income slumped 41% to INR907.76 billion. The company said its plants' capacity utilization fell as sales dropped in April due to national movement restrictions, but had returned to close to normal by June.
Indian Oil said it has a positive view on its long-term business outlook and financial position, and expects to comfortably pay down debt and obligations.
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