Indian Oil Corporation Limited on Thursday said that its net profit has fallen 45% to Rs 4,549 crore for the first quarter of 2017, reported Reuters. However, it beat the estimates of analysts, who had predicted a net profit of Rs 3,063 crore for the April-June quarter.

The average gross refining margin, which is the difference between crude oil price and the total value of petroleum products manufactured by a refinery, fell to $4.32 (Rs 275) per barrel, compared to $9.98 (Rs 635) per barrel in the same period in 2016.

After the announcement, Indian Oil shares went up. It climbed 4.92% to Rs 388.30 at 3.18 pm on Thursday.