Indian Oil Corporation (IOC) on Wednesday reported a 50 per cent jump in its March quarter net profit as inventory gains negated losses on sale of subsidised domestic cooking gas LPG. Standalone net profit of Rs 7,264.85 crore in January-March – the fourth quarter of April 2024 to March 2025 financial year – was compared to Rs 4,837.69 crore earnings in the same period a year back, according to a stock exchange filing of the company. Profit was also higher quarter-on-quarter when compared to Rs 2,873.534 crore earnings in the October-December 2024 period. The earnings soared as the company processed crude oil bought at lower prices and sold products made from it when prices had risen, resulting in inventory gains. These inventory gains undid Rs 5,601 crore of losses on LPG sales and lower refining margins.