IOC posts nearly 18 percent jump in Q2 profit, but misses estimates

REUTERS - Indian Oil Corp Ltd reported a nearly 18 percent rise in second-quarter profit, but missed estimates by a wide margin.

Net profit of the country's top refiner rose to 36.96 billion rupees ($568.35 million) in the three months through Sept. 30, from 31.22 billion rupees a year earlier. https://bsmedia.business-standard.combit.ly/2zaXb9q

Analysts on average had expected a profit of 63.45 billion rupees, Thomson Reuters data showed.

Revenue from operations climbed about 10 percent to 1.11 trillion rupees, the company said on Friday.

Average gross refining margins slipped to $6.08 per barrel in the April-September period from $7.19 per barrel in the same period last year.

Shares in IOC were down 5.1 percent as of 0847 GMT, on NSE Nifty, was 0.1 percent higher.

($1 = 65.0300 Indian rupees)

(Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu)