India's top refiner said profit came in at 37.21 billion rupees ($576.45 million) in the quarter ended March 31.
Indian Oil is one of major state-ownwed oil companies.
Indian Oil Corp said on Thursday net profit rose 85 per cent in the fourth quarter, in line with analysts' expectations, as revenue from operations grew.
India's top refiner said profit came in at 37.21 billion rupees ($576.45 million) in the quarter ended March 31, compared with 20.06 billion rupees a year earlier.
Revenue from operations jumped 24 per cent to 1.22 trillion rupees.
Analysts on average expected March-quarter net profit of 37.95 billion rupees, Thomson Reuters data showed.
Average gross refining margins improved to $7.77 per barrel in the financial year ended March, compared with $5.06 per barrel in the 2015-16 period.
IOC shares were were up 0.2 per cent as of 0926 GMT, in a broader market. NSEI that was 1.3 per cent higher.
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