Indian Oil Corp Ltd <IOC.NS> said on Thursday net profit fell 45 percent in its fiscal first quarter of 2017, beating analysts' estimates.
Net profit was 45.49 billion rupees ($714.83 million) in the quarter ended on June 30, compared with 82.69 billion rupees a year earlier, the country's top refiner said. (http://bit.ly/2v21dfw)
Analysts on average had expected a net profit of 30.63 billion rupees for the first quarter, Thomson Reuters data showed.
Average gross refining margins declined to $4.32 per barrel, compared with $9.98 per barrel in the same period last year.
IOC shares were up about 6 percent as of 0832 GMT while the broader Nifty was 0.34 percent lower.
($1 = 63.6375 Indian rupees)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Christian Schmollinger)