The Indian refiner also benefited from gain in crude oil and fuel prices that inflated the value of its stockpile, leading to inventory gains.Ĭrude oil in New York averaged $70.56 a barrel in the first quarter compared with $40.96 a barrel a year earlier. While refiners globally are enjoying hefty margins as economies and offices reopen and spur fuel demand, some of these gains are being eroded by surging input prices. Raw material costs doubled during the quarter. Revenue increased 47% to 1.7 trillion rupees while total costs jumped by 49% to 1.63 trillion rupees. That beat the average 45.6 billion rupee-profit estimated by a Bloomberg survey of analysts. 30 rose 2.1% to 63.6 billion rupees ($849.4 million), the New Delhi-based company said in an exchange filing Saturday.
Net income in the three months ended Sept. Indian Oil Corp., the nation’s largest refiner, posted a better-than-expected rise in quarterly profit as expanding margins on fuels and stockpile gains offset the jump in costs.
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