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Analysts had on an average expected a profit of Rs 3,971 crore in the quarter, news agency Reuters reported citing Refinitiv data.
Quarterly results were impacted due to inventory losses in the three-months ended September 30 against inventory gains a year ago, said Sanjiv Singh, chairman, Indian Oil.
Inventory losses came in at Rs 1,807 crore in the July-September period, as against a gain of Rs 2,895 crore in the year-ago period.
Revenue from the petroleum products segment declined 12.83 per cent to Rs 1,28,139.05 crore in the quarter ended September 30, Indian Oil Corporation said.
Average gross refining margin - a key indicator of a refiner's profitability - stood at $ 2.96 per bbl in the first six months of financial year 2019-20, as against $8.45 per bbl in the corresponding period a year ago.
The gross refining margins were impacted due to lower product margins, Mr Singh said.
Expenses stood at Rs 1,32,209.26 crore in the July-September period, as against Rs 1,47,801.53 crore in the year-ago period.
That included a foreign exchange loss of Rs 1,135.13 crore, as against Rs 2,619.72 crore in the year-ago period.
International crude prices fell 8.7 per cent during the quarter ended September 30, while the refiner bought the commodity at a much higher price, according to Reuters.
Indian Oil shares fell as much as 2.11 per cent after the earnings announcement before trimming most of those losses at the end of the session. Shares ended down 0.20 per cent at Rs 146.80 apiece on the BSE, underperforming the benchmark Sensex index which finished 0.19 per cent higher.
(With agency inputs)