Indian Oil Corporation Reports Rs 272 Crore Loss In Second Quarter
NDTV
The net loss of Rs 272.35 crore compared to a profit of Rs 6,360.05 crore in July-September 2021, according to IOC's filing with the stock exchanges.
State-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of Rs 272.35 crore for July-September - the second straight quarter of loss arising from selling petrol, diesel and cooking gas LPG at rates below cost.
The net loss of Rs 272.35 crore compared to a profit of Rs 6,360.05 crore in July-September 2021, according to a company's filing with the stock exchanges.
IOC as well as other state-owned fuel retailers had booked heavy losses in the first quarter of the current fiscal as they did not revise petrol, diesel and cooking gas LPG prices in line with the cost to help the government contain runaway inflation.
In April-June (the first quarter of 2022-23 fiscal), IOC booked a net loss of Rs 1,992.53 crore.
