Indian Oil second-quarter profit jumps eleven-fold on back of inventory gains

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 Rs 6,227 crore ($842.14 million) in the three months ended September 30, from Rs 563 crore a year earlier.

Analysts on average had expected a profit of Rs 2,820 crore, 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 Rs 1.16 lakh crore.