Indian Oil Q2 profit drops on higher forex, raw material costs


Indian Oil Q2 profit drops on higher forex, raw material costs

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 Rs 3,247 crore in the quarter ended Sept. 30, compared with Rs 3,696 crore a year earlier, IOC said.

Analysts on average had expected a profit of Rs 5,088 crore, 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 Rs 1.52 trillion. Read More

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