Profit for the quarter ended December 31 stood at Rs 2,144 crore compared with Rs 2,272 crore last year, the company said in a filing.
Analysts on average had expected the refiner to post a profit of Rs 2,118 crore, Thomson Reuters Eikon data showed.
Average gross refining margin, the difference between the cost of crude oil processed and the prices of refined products, rose to $7.89 per barrel for the quarter ended December 31, from $5.90 per barrel in the same period last year.
Revenue from operations for the quarter rose 9.5 per cent to Rs 70,195 crore.
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