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Indian Oil Q3 Profit Nearly Doubles, Beats Estimates

Indian Oil's net profit surged 97 percent to 78.83 billion rupees ($1.24 billion) in the quarter ended December 31, from 39.95 billion rupees a year earlier.

Reuters

Updated:January 30, 2018, 3:18 PM IST
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Indian Oil Q3 Profit Nearly Doubles, Beats Estimates
A logo of Indian Oil is picture outside a fuel station. (File Photo: Reuters/Adnan Abid)
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New Delhi: Indian Oil Corp Ltd said its third-quarter profit nearly doubled, handily beating estimates.

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

Analysts on average expected a profit of 51.49 billion rupees, 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 414.85 rupees in a broader Mumbai market that was trading down 0.69 percent.



| Edited by: Mayur Borah
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