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IOC Third-quarter Profit Nearly Doubles, Beats Estimates

Net profit surged 97 percent to 78.83 billion rupees ($1.24 billion) in the quarter ended Dec. 31, from 39.95 billion rupees a year earlier

Photo Credit : Reuters

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Indian Oil Corp Ltd said its third-quarter profit nearly doubled, handily beating estimates.

Net profit surged 97 percent to Rs 78.83 billion ($1.24 billion) in the quarter ended December 31, from Rs 39.95 billion a year earlier.

Analysts on average expected a profit of Rs 51.49 billion, Thomson Reuters Eikon data showed.

Average gross refining margin improved to $8.28 per barrel in the April-December period from $7.36 per barrel in the year-ago period, the country's top refiner said on Tuesday.

Shares of the company rose 3.8 percent to Rs 414.85 in a broader Mumbai market that was trading down 0.69 percent.

(Reuters)


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