Indian Oil beats estimates with profit at Rs 13,713.08 crore driven by lower crude oil prices, inventory gains

Indian Oil Corporation Ltd on Tuesday recorded Q2 profit at Rs 13,713.08 crore as against a loss of Rs 910.21 crore during the second quarter of FY23, beating estimates. It posted revenue from operations at Rs 2,05,283.03 crore, down 11.9 per cent in comparison to Rs 2,33,016.97 crore during the same period last year. According to a CNBC TV18 poll, Indian Oil was expected to post Q2 profit at Rs 11,171 crore and revenue for the quarter ended September 2023 at Rs 2.12 lakh crore.