May 22, 2018 / 9:12 AM / 5 months ago

Indian Oil Corp Q4 profit surges 40 pct

May 22 (Reuters) - Indian Oil Corp Ltd, the country’s top refiner, on Tuesday posted a 40 percent jump in fourth-quarter net profit, but missed analysts’ expectations.

Net profit rose to 52.18 billion rupees ($766.82 million), in the quarter ended March 31, from 37.21 billion rupees a year earlier, the state-run company said on Tuesday here

Analysts on average expected a profit of 56.42 billion rupees, Thomson Reuters data showed.

Average gross refining margin improved to $8.49 per barrel in the financial year ended March, compared with $7.77 per barrel in the previous year.

$1 = 68.0475 Indian rupees Reporting by Jessica Kuruthukulangara in Bengaluru, Editing by Sherry Jacob-Phillips

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