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