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.