IOCL Q4 net profit jumps 85% to Rs 3,721 cr as revenue from operations grow

Indian Oil Corporation (IOCL) on Thursday said that the company's net profit rose 85 per cent in the fourth quarter of the financial year (FY) 2016-17, in line with analysts' expectations, as revenue from operations grew.

India's top refiner reported profit of Rs 3,721 crore ($576.45 million) in the quarter ended March 31, compared with Rs 2,006 crore a year earlier. 

Revenue from operations jumped 24 per cent to Rs 1.22 lakh crore.

Analysts on average expected March-quarter net profit of Rs 3,795 crore, Thomson Reuters data showed.

Average gross refining margins improved to $7.77 per barrel till the end of FY17, compared with $5.06 per barrel during FY16.

IOC shares were were up 0.2 per cent as of 09:26 GMT, in a broader market that was 1.3 per cent higher.