Indian Oil profit beats on inventory gains, lower expenses

Indian Oil Corp Ltd , the country’s top refiner, reported an eleven-fold rise in second-quarter profit on Friday that beat analysts’ estimates on inventory gains and lower expenses.

The company, along with subsidiary Chennai Petroleum , controls about a third of the country’s 5 million-barrels-per-day (bpd) refining capacity.

Net profit for the state-owned company rose to 62.27 billion rupees ($842.14 million) in the three months ended Sept.30, from 5.63 billion rupees a year earlier.