You are here: Home » Companies » Results
Business Standard

IOC Q3 net profit nearly doubles to Rs 78.83 billion, beats estimates

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

Reuters 

Indian Oil Corporation, IOCL, IOC
Indian Oil Corporation logo outside a fuel station in New Delhi. Photo: Reuters

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.

First Published: Tue, January 30 2018. 15:39 IST
RECOMMENDED FOR YOU