January 30, 2018 / 9:10 AM / 23 days ago

India's IOC Q3 profit nearly doubles, beats estimates

Jan 30 (Reuters) - Indian Oil Corp Ltd said its third-quarter profit nearly doubled, handily beating estimates.

Net profit surged 97 percent to 78.83 billion rupees ($1.24 billion) in the quarter ended Dec. 31, from 39.95 billion rupees a year earlier. bit.ly/2nnsaHG

Analysts on average expected a profit of 51.49 billion rupees, Thomson Reuters Eikon data showed.

Average gross refining margin improved to $8.28 per barrel in the April-December period from $7.36 per barrel in the year-ago period, the country’s top refiner said on Tuesday.

Shares of the company rose 3.8 percent to 414.85 rupees in a broader Mumbai market that was trading down 0.69 percent.

($1 = 63.7300 Indian rupees)

Reporting by Aby Jose Koilparambil and Jessica Kuruthukulangara in Bengaluru; Editing by Sherry Jacob-Phillips

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