BackIndian Oil Q2 profit drops on higher forex, raw material costs
IOC's net profit came in at ₹3,247 crore in the quarter ended Sept. 30, compared with ₹3,696 crore a year earlier
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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 ₹ 3,247 crore in the quarter ended Sept. 30, compared with ₹ 3,696 crore a year earlier, IOC said.
Analysts on average had expected a profit of ₹ 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 ₹ 1.52 trillion.
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