Indian Oil Q3 Profit Nearly Doubles, Beats Estimates

Indian Oil Q3 Profit Nearly Doubles, Beats Estimates

Indian Oil Corp Ltd said its third-quarter profit nearly doubled, handily beating estimates. Net profit surged 97 per cent to Rs. 7,883 crore ($1.24 billion) in the quarter ended December 31, from Rs. 3,995 crore a year earlier.

Analysts on average expected a profit of Rs. 5,149 crore, 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. Read More…

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