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
Latest posts by Livemint (see all)
- Oil prices climb as OPEC output curb plan overshadows US production - November 19, 2018
- Petrol, diesel prices continue declining trend. 5 things to know - November 17, 2018
- India property bond sales stall as IL&FS fuels default worry - November 15, 2018