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IOC March-quarter profit jumps 85 percent
May 25, 2017 / 9:44 AM / 6 months ago

IOC March-quarter profit jumps 85 percent

REUTERS - Indian Oil Corp (IOC.NS) said on Thursday net profit rose 85 percent in the fourth quarter, in line with analysts’ expectations, as revenue from operations grew.

FILE PHOTO: A woman walks past a logo of Indian Oil outside a fuel station in New Delhi, India, August 29, 2016. REUTERS/Adnan Abidi/File photo

India's top refiner said profit came in at 37.21 billion rupees ($576.45 million) in the quarter ended March 31, compared with 20.06 billion rupees a year earlier. (bit.ly/2qiHViB)

Revenue from operations jumped 24 percent to 1.22 trillion rupees.

Analysts on average expected March-quarter net profit of 37.95 billion rupees, Thomson Reuters data showed.

Average gross refining margins improved to $7.77 per barrel in the financial year ended March, compared with $5.06 per barrel in the 2015-16 period.

IOC shares were were up 0.2 percent as of 0926 GMT, in a broader market .NSEI that was 1.3 percent higher.

($1 = 64.5500 Indian rupees)

Reporting by Krishna V Kurup; Editing by Biju Dwarakanath

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