Indian Oil Corp.'s net profit declined in the third quarter of fiscal 2024, though it surpassed analysts' estimates.
Net profit fell 37.8% to Rs 8,063.4 crore in the October-December quarter, as against Rs 12,967.3 crore in the previous quarter, according to its exchange filing issued on Wednesday. This compares with a Rs 4,786.8-crore consensus estimate of analysts tracked by Bloomberg.
Indian Oil Q3 FY24 Highlights (Standalone, QoQ)
Revenue up 10.2% to Rs 1.99 lakh crore vs Rs 1.79 lakh crore (Bloomberg estimate: Rs 1.99 lakh crore).
Ebitda fell 27.3% to Rs 15,488 crore vs Rs 21,313 crore (Bloomberg estimate: Rs 9,172.32 crore).
Margin at 7.77% vs 11.85% (Bloomberg estimate: 4.6%).
Net profit fell 37.8% to Rs 8,063.4 crore vs Rs 12,967.3 crore (Bloomberg estimate: Rs 4,786.83 crore).
Shares of Indian Oil rose 3% higher to Rs 143.15 apiece, after the results were announced, as compared with a 0.93% rise in the benchmark NSE Nifty 50 as of 3:10 p.m.
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