IBP Limited, a subsidiary of Indian Oil Corporation, on Thursday reported a 38.91 per cent jump in its second quarter net profit at Rs 50.34 crore (Rs 503.4 million) from Rs 36.24 crore (Rs 362.4 million) in the same period of the previous fiscal.

The company's net profit during the first six months of the current fiscal stood higher by 68.94 per cent at Rs 81.87 crore (Rs 818.7 million) from Rs 48.46 crore (Rs 484.6 million) last year, IBP officials said in Kolkata.

Total income during the quarter increased marginally to Rs 2,339.76 crore (Rs 23.40 billion) from Rs 2,320.37 crore (Rs 23.20 billion) while total expenditure came down to Rs 2,250.17 crore (Rs 22.50 billion) from Rs 2,255.06 crore (Rs 22.55 billion) last year.

Total income during the first half stood at Rs 4,857.84 crore (Rs 48.58 billion) against Rs 4,635.18 crore (Rs 46.35 billion) while total expenditure during the period increased to Rs 4,709.80 crore (Rs 47.10 billion) from Rs 4,540.69 crore (Rs 45.41 billion) due to sharp increase in other expenditure.

Profit before tax during the first half stood at Rs 127.6 crore (Rs 1.28 billion) as against Rs 71.65 crore (Rs 716.5 million) last year.