Net profit of the country's top refiner rose to Rs 36.96 billion ($568.35 million) in the three months through September 30.
Indian Oil Corp has delayed maintenance shutdown at its 300,000 barrels per day (bpd) Paradip refinery in eastern Odisha state to March-April, a company spokesman said on Friday. (Photo: PTI)
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.
( Source : reuters )
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