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IOCL Q4 net profit jumps 85% to Rs 3,721 cr as revenue from operations grow

Revenue from operations jumped 24 per cent to Rs 1.22 lakh crore

Reuters 

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

(IOCL) on Thursday said that the company's net profit rose 85 per cent in the fourth quarter of the financial year (FY) 2016-17, in line with analysts' expectations, as revenue from operations grew.

India's top refiner reported profit of Rs 3,721 crore ($576.45 million) in the quarter ended March 31, compared with Rs 2,006 crore a year earlier. 

Revenue from operations jumped 24 per cent to Rs 1.22 lakh crore.

Analysts on average expected March-quarter net profit of Rs 3,795 crore, Thomson Reuters data showed.

Average improved to $7.77 per barrel till the end of FY17, compared with $5.06 per barrel during FY16.

IOC shares were were up 0.2 per cent as of 09:26 GMT, in a broader market that was 1.3 per cent higher.

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