India's top oil firm Indian Oil Corporation (IOC) on Friday reported a 10-fold jump in its September quarter on the back of inventory gains and better margins. The company reported a standalone net profit of Rs 6,227.31 crore, or Rs 6.78 per share, in the July-September quarter, as compared to Rs 563.42 crore net profit in the same period a year back, IOC said in a stock exchange filing.

Fuel sales at 17.7 million tonnes was 16 percent higher than the preceding quarter but was 12 percent lower than 20.17 million tonnes of products sold in July-September 2019. IOC's refineries processed almost 14 million tonnes of crude oil in Q2, up from about 13 million tonnes in April-June, but lower than 17.5 million tonnes a year ago.

Revenue from operations was lower at Rs 1.15 lakh crore in July-September as compared to Rs 1.32 lakh crore a year ago.

"The board of directors have approved the proposal for delegation of authority for borrowings including borrowings up to Rs 20,000 crore during a financial year through private placement of bonds/ debentures in one or more tranches, from time to time, within the overall limit of Rs 1,65,000 crore approved by shareholders at the last annual general meeting," it said.