Moody's: Indian Oil results softer

Moody's Investors Service said that Indian Oil Corp.'s results for the fiscal year ending March 2012 were softer than the previous year due to a decline in gross refining margins to $3.63 per barrel from $5.72.

Moody's said the decline in margins was in line with the cyclical downturn in the refining industry, and the results, which were announced on May 28, could have been worse if the Indian government had not decided on May 21 to reimburse Indian Oil in full for its fuel subsidy burden.

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