Indian Oil Corporation (IOC) on Friday reported a 17 per cent rise in its net profit at Rs 6,099 crore for the March quarter of the financial year 2018-19 (FY19). The company had posted a profit of Rs 5,218 crore in the year-ago quarter.
The results were in sharp contrast to what analysts had projected for the recently concluded quarter. Edelweiss Securities, for instance, had estimated the company’s loss at Rs 1,609.4 crore for the period while ICICI Securities had expected profit to decline 19.8 per cent to Rs 4,185.3 crore.
Total income for the quarter under review came in at Rs 1,45,531.78 crore, up 6 per cent against its Rs 1,36,964.20 crore logged in the corresponding quarter of the previous fiscal.
