IOC posts nearly 18 per cent jump in Q2 profit, misses estimates
Net profit of the country's top refiner rose to Rs 36.96 billion ($568.35 million) in the three months through September 30.
By : DC Correspondent
Update: 2017-10-27 09:28 GMT
Indian Oil Corp Ltd reported a nearly 18 per cent rise in second-quarter profit, but missed estimates by a wide margin.
Net profit of the country's top refiner rose to Rs 36.96 billion ($568.35 million) in the three months through September 30, from Rs 31.22 billion a year earlier. Analysts on average had expected a profit of Rs 63.45 billion, Thomson Reuters data showed.
Revenue from operations climbed about 10 per cent to Rs 1.11 trillion, the company said on Friday.
Average gross refining margins slipped to $6.08 per barrel in the April-September period from $7.19 per barrel in the same period last year.
Shares in IOC were down 5.1 per cent as of 0847 GMT, on NSE Nifty, was 0.1 per cent higher.