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Indian Oil posts net loss of Rs 1,993 cr in June quarter

Indian Oil posts net loss of Rs 1,993 cr in June quarter

IOC's revenue from operations, however, surged 62.4 per cent to Rs 2,51,933 crore in the said quarter as against Rs 1,55,056 crore a year ago.

Indian Oil Q1 results Indian Oil Q1 results

India's top refiner Indian Oil on Friday reported a net loss of Rs 1,993 crore for the quarter ended 30 June, 2022 as it sold fuel at a discount in the domestic market while its costs jumped. The company had posted a profit of Rs 5,941 crore in the year-ago period.

IOC's revenue from operations, however, surged 62.4 per cent to Rs 2,51,933 crore in the said quarter as against Rs 1,55,056 crore a year ago.

The company said its gross refining margin, or profit from converting a barrel of oil into refined products, was $31.81 per barrel in the three months to June, compared with $6.58 per barrel a year earlier.

Indian Oil, along with its unit Chennai Petroleum, controls about a third of India's five million-barrels-per-day refining capacity.

Indian fuel retailers such as IOC, Hindustan Petroleum Corp and Bharat Petroleum Corp have not revised pump prices for months to insulate consumers from the global crude price surge, helping the government's efforts to mitigate the impact of inflation.

Meanwhile, shares of IOC on Friday closed 1.18 per cent higher at Rs 72.95 apiece on BSE.