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IOC Q1 profit falls 45% to Rs4,549 crore, beats estimates

LiveMint logoLiveMint 03-08-2017 Aby Jose Koilparambil

Bengaluru: Indian Oil Corp Ltd said on Thursday net profit fell 45% in its fiscal first quarter of 2017, beating analysts’ estimates.

Net profit was Rs4,549 crore ($714.83 million) in the quarter ended on 30 June, compared with Rs8,269 crore a year earlier, the country’s top refiner said.

Analysts on average had expected a net profit of Rs3,063 crore for the first quarter, Thomson Reuters data showed.

Average gross refining margins declined to $4.32 per barrel, compared with $9.98 per barrel in the same period last year.

IOC shares were up about 6% as of 0832 GMT while the broader Nifty 50 index was 0.34% lower. Reuters

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