Indian Oil March quarter profit jumps 85%

BENGALURU: Indian Oil Corp. Ltd said on Thursday that net profit rose 85% in the quarter ended March, in line with analysts’ expectations, as revenue from operations grew. The country’s top refiner said profit came in at ₹3,721 crore in the quarter ended March 31, compared with ₹2,006 crore a year earlier. Revenue from operations jumped 24% to ₹1.22 lakh crore. Analysts on average had expected March quarter net profit of ₹3,795 crore, Thomson Reuters data showed. Average gross refining margins improved to $7.77 per barrel in the financial year ended March, compared with $5.06 per barrel in 2015-16.