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
 "Indian Oil Corporation, IOCL, IOC")
Indian Oil Corporation logo outside a fuel station in New Delhi. Photo: Reuters
Indian Oil Corp 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.
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First Published: Jan 30 2018 | 3:39 PM IST