Indian Oil Corp Ltd, the country’s top refiner, posted a near 82.7% fall in second quarter profit on Thursday, missing estimates by a huge margin.
Net profit for state-owned IOC came in at 5.63 billion rupees ($79.28 million) in the quarter ended Sept. 30, compared with 32.47 billion rupees a year earlier, IOC said.
Analysts on average had expected a profit of 39.71 billion rupees, according to Refinitiv data.
Average gross refining margin for the April-Sept period – the difference between the cost of crude oil processed and the prices of refined products – dropped to $2.96 per barrel from $8.45 per barrel a year earlier.
Revenue from operations fell 13.2% to 1.32 trillion rupees.
