State-run refiner Indian Oil Corp posted a 12.2 per cent 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 ($446.92 million) in the quarter ended September 30, compared with Rs 3,696 crore a year earlier, IOC said.
Analysts had on an average expected a profit of Rs 5,088 crore, according to Refinitiv data.
Average gross refining margin for the April-September 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.
Revenue from operations rose nearly 37 per cent to Rs 1.52 lakh crore.
Shares in Indian Oil rose as much as 6.7 per cent to hit an intraday high of Rs 151.40 apiece on the NSE. At 1:52 pm, IOC shares were trading 5 per cent higher at Rs 148.90 apiece on the stock exchange, whose benchmark index Nifty was up 2 per cent at 10,591.
($1 = Rs 72.72)