Indian Oil Posts Record Profit on Higher Fuel Compensation
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Indian Oil Corp., the nation’s biggest refiner, beat estimates with a record profit in the fourth quarter after it received compensation from the government for selling fuels below cost.
Net income rose 15 percent to 145.1 billion rupees ($2.3 billion), or 59.77 rupees a shares, in the three months ended March 31 from 126.7 billion rupees, or 52.19 rupees a share, a year earlier, the New Delhi-based company said in a regulatory filing today. That exceeded the 141.9 billion-rupee median profit estimate of 22 analysts surveyed by Bloomberg. Net sales rose 9.7 percent to 1.28 trillion rupees.