Indian Oil Corp Q2 profit jumps on inventory gains

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.

Indian Oil Corp Ltd, the country’s top refiner, reported an eleven-fold rise in second-quarter profit on Friday, boosted by inventory gains.

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.

Average gross refining margin for the April-September period, 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.

Revenue from operations fell 12.1% to 1.16 trillion rupees.

($1 = 73.9430 Indian rupees)

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