Indian Oil Corporation Ltd., India❼largest oil refiner reported a net profit of ₹8,064 crore for the October-December period, surpassing the CNBC-TV18 poll expectations of ₹4,387 crore.

However, on a sequential basis, the net profit for the company declined by 38% from ₹12,967 crore.

The net profit was also boosted by a higher other income component of ₹1,452 crore, compared to ₹982 crore in the previous quarterKolkata Investment. Tax expenses also reduced by over ₹1,500 crore to ₹2,704 crore from ₹4,202 crore in the previous quarter.

Revenue for the quarter increased by 10.6% from the previous quarter to ₹1.99 lakh crore, from ₹1.8 lakh crore in the September quarter. A CNBC-TV18 poll had pegged the figure at ₹1.86 lakh crore.

EBITDA or Earnings Before Interest, Tax, Depreciation and Amortisation for the quarter declined by a quarter or 27.3% from the September quarter figure of ₹21,313 crore to ₹15,488 croreJaipur Stock. The EBITDA figure was also higher than the ₹9,741 crore estimate pegged in a CNBC-TV18 poll.

Indian Oil❼EBITDA margin also declined by 400 basis points sequentially to 7.8% from 11.8%, but higher than the estimate of 5.1%.Pune Investment

Gross Refining Margin or GRM, calculated by CNBC-TV18 stood at $13.5 per barrel, higher than the CNBC-TV18 poll of $10 per barrel. Refining throughput for the quarter stood at 18.5 million tonnes, higher than the estimate of 18 MT.Pune Wealth Management

However, the company❼Petchem segment remained loss-making on an operational level, with the net loss widening to ₹196 crore from ₹163 crore in the previous quarter.