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1-min read

Indian Oil Second-Quarter Profit Drops on Higher Forex, Raw Material Costs

Net profit came in at 32.47 billion rupees ($446.92 million) in the quarter ended Sept. 30, compared with 36.96 billion rupees a year earlier.

Reuters

Updated:November 2, 2018, 1:51 PM IST
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Indian Oil Second-Quarter Profit Drops on Higher Forex, Raw Material Costs
A logo of Indian Oil is picture outside a fuel station. (File Photo: Reuters/Adnan Abid)

State-run refiner Indian Oil Corp Ltd posted a 12.2 percent fall in second-quarter profit on Friday, missing estimate by a wide margin, dented by forex expenses and raw material costs.

Net profit came in at 32.47 billion rupees ($446.92 million) in the quarter ended Sept. 30, compared with 36.96 billion rupees a year earlier, IOC said.

Analysts on average had expected a profit of 50.88 billion rupees, according to Refinitiv data.

Average gross refining margin for the April-Sept period - the difference between the cost of crude oil processed and the prices of refined products - dropped to $8.45 per barrel from $6.08 per barrel a year earlier.

Revenue from operations rose nearly 37 percent to 1.52 trillion rupees.

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