October 31, 2019 / 10:05 AM / a month ago

Indian Oil Q2 profit slumps 83%, misses view

Oct 31 (Reuters) - Indian Oil Corp Ltd, the country’s top refiner, posted a near 82.7% fall in second quarter profit on Thursday, missing estimates by a huge margin.

Net profit for state-owned IOC came in at 5.63 billion rupees ($79.28 million) in the quarter ended Sept. 30, compared with 32.47 billion rupees a year earlier, IOC said.

Analysts on average had expected a profit of 39.71 billion rupees, 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 $2.96 per barrel from $8.45 per barrel a year earlier.

Revenue from operations fell 13.2% to 1.32 trillion rupees.

$1 = 71.0150 Indian rupees Reporting by Nallur Sethuraman in Bengaluru; Editing by Rashmi Aich

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