Indian Oil Corp said on Thursday (25 May) net profit rose 85 per cent in the fourth quarter, in line with analysts' expectations, as revenue from operations grew.
India's top refiner said profit came in at Rs 37.21 billion ($576.45 million) in the quarter ended March 31, compared with Rs 20.06 billion a year earlier.
Revenue from operations jumped 24 per cent to Rs 1.22 trillion.
Analysts on average expected March-quarter net profit of Rs 37.95 billion, Thomson Reuters data showed.
Average gross refining margins improved to $7.77 per barrel in the financial year ended March, compared with $5.06 per barrel in the 2015-16 period.
IOC shares were were up 0.2 per cent as of 0926 GMT, in a broader market that was 1.3 per cent higher.
(Reuters)
