Indian Oil Corporation (IOC) share price shed more than 3 percent intraday on January 31 despite the company posting a 315 percent jump in its third quarter standalone net profit at Rs 2,339 crore against Rs 563.4 crore in the previous quarter.
Revenue was up 11.6 percent at Rs 1.24 lakh crore against Rs 1.11 lakh crore, QoQ.
Tax expense in the quarter stood at Rs 1,383 crore versus Rs 251 crore.
Nomura has maintained buy rating on the stock with a target at Rs 170 per share.
The company's standalone EBITDA is 3 percent ahead of consensus, but 10 percent below our estimates. The miss was mainly driven by much weaker refining and lower inventory gains, it added.