Home >Companies >Company Results >Indian Oil profit beats on inventory gains, lower expenses
Shares of the company were up 2.1% (REUTERS)
Shares of the company were up 2.1% (REUTERS)

Indian Oil profit beats on inventory gains, lower expenses

  • The company, with subsidiary Chennai Petroleum , controls about a third of India's 5 million bpd refining capacity
  • Analysts on average had expected a profit of 28.20 billion rupees

Indian Oil Corp Ltd , the country's top refiner, reported an eleven-fold rise in second-quarter profit on Friday that beat analysts' estimates on inventory gains and lower expenses.

The company, along with subsidiary Chennai Petroleum , controls about a third of the country's 5 million-barrels-per-day (bpd) refining capacity.

Net profit for the state-owned company rose to 62.27 billion rupees ($842.14 million) in the three months ended Sept.30, from 5.63 billion rupees a year earlier.

Analysts on average had expected a profit of 28.20 billion rupees, according to Refinitiv data.

Shares of the company were up 2.1% as of 0554 GMT.

Total expenses fell 16.6%, while the change in inventories for finished goods, stock in trade and work in progress were at a gain of 16.37 billion rupees against a loss of 60.66 billion rupees a year ago.

For the April-September period, average gross refining margin, which is the difference between the cost of crude oil processed and the prices of refined products, rose to $3.46 per barrel from $2.96 per barrel.


This story has been published from a wire agency feed without modifications to the text.

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