IOC Q1 net profit drops 47% to Rs 3,596 cr

Indian Oil Corporation(IOC) on Wednesday reported a 47.36 per cent year-on-year drop in standalone profit at Rs 3,596.11 crore in June quarter, still beating ET Now poll estimate of Rs 1,077 crore by a wide margin. The oil major had reported Rs 6,831.13 crore profit in the same quarter last year. On sequential basis, profit fell 41 per cent.