IOC Posts Nearly 18% Jump In Q2 Profit, But Misses Estimates

Indian Oil Corp reported a nearly 18 percent rise in second-quarter profit, but missed estimates by a wide margin.

Net profit of the country's top refiner rose to Rs 36.96 billion ($568.35 million) in the three months through September 30, from 31.22 billion rupees a year earlier.

Analysts on average had expected a profit of Rs 63.45 billion, Thomson Reuters data showed.

Revenue from operations climbed about 10 percent to Rs 1.11 trillion, the company said on Friday.

Average gross refining margins slipped to $6.08 per barrel in the April-September period from $7.19 per barrel in the same period last year.

Shares in IOC were down 5.1 per cent as of 0847 GMT, on NSE Nifty, was 0.1 per cent higher.

(Reuters)