State-run refiner Indian Oil Corp Ltd posted a 12.2 percent fall in second-quarter profit on Friday, missing estimate by a wide margin, dented by forex expenses and raw material costs.
Net profit came in at Rs 3,247 crore in the quarter ended September 30, compared with Rs 3,696 crore a year earlier, IOC said.
Analysts on average had expected a profit of Rs 5,088 crore, according to Refinitiv data.
Average gross refining margin for the April-Sept period - the difference between the cost of crude oil processed and the prices of refined products - dropped to $8.45 per barrel from $6.08 per barrel a year earlier.
First Published: IST