Nayara posted a net profit of 179.34 billion rupees ($2.23 billion) in the July-September period, compared with a record 356.37 billion rupees in the June quarter, it said, announced Friday in stock exchange documents. It had recorded a loss of Rs 908 million in the September quarter 2021.
India has reined in fuel exports by imposing a one-off tax on overseas sales of refined fuel from July, causing lower profits at private refiners Reliance Industries Ltd and Nayara.
The two companies became India’s top buyers of Russian oil after several Western countries and companies avoided buying from Moscow after the invasion of Ukraine in late February.
High transportation costs have previously discouraged Indian refiners from buying Russian oil.
Rosneft and Kesani Enterprises Co Ltd, a consortium led by Russia’s Trafigura Group and UCP Investment Group, each hold a 49.13% stake in Nayara, which operates the 400,000 bpd Vadinar refinery in India’s western state of Gujarat.
($1 = 80.5810 Indian rupees)
