Indian Oil Corp Ltd (IOC.NS) reported a almost 18 percent rise in second-quarter profit, but missed estimates by a wide margin. Profits from this business soared by 2.3 per cent to Rs3,291.67 crore against Rs3,216.88 crore reported in the year-ago period despite projected decline in volume.
The company's total income during the second quarter of 2017-18 was Rs 10,258.13 crore.
Commenting on the quarterly performance, Chairperson and Managing Director Kiran Mazumdar-Shaw stated, "Whilst we are pleased with the growth recovery of our research services (Syngene) and branded formulations business segments in the July - September quarter, our overall earnings performance was muted on account of several specific factors". The paperboards, paper and packaging business posted a growth of 18.21 per cent in its profit at Rs 274.19 crore.
The refiner said its gross refining margin (GRM) for the quarter fell to $6.08 per barrel from $7.19 per barrel in the same quarter past year.
Further, the cigarettes business had to contend with additional costs associated with transition to GST due to non-availability of additional duty surcharge credit on transition stocks, it added. "During the quarter, room revenue grew at a healthy pace on account of increase in ARRs (average room rate)".
In the corresponding quarter in 2016, India Oil Corporation had reported a net profit of Rs 3,121.89 crore.
Agri business revenue stood at Rs 1,967.98 crore as against Rs 1,880.06 crore in the same period last fiscal.
The IOC stock closed on Friday at Rs 414.20 a share, down Rs 21.05, or by 4.84 per cent, on its previous close on the BSE.
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