New Delhi:
The state-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of Rs 272.35 crore for July-September – the second consecutive quarter of loss from selling gasoline, diesel and LPG on cooking gas at below-cost rates.
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.
The IOC and other state-owned fuel retailers had suffered heavy losses in the first quarter of the current fiscal year as they failed to match the prices of gasoline, diesel and cooking gas LPG with costs to help the government contain runaway inflation. to contain.
In April-June (first quarter of fiscal year 2022-2023), IOC posted a net loss of Rs 1,992.53 crore.
For the first half of the current fiscal year, the company has now accumulated a net loss of Rs 2,264.88 crore against a profit of Rs 12,301.42 crore in the same period last year.
Operations revenue rose to Rs 2.28 lakh crore in July-September from Rs 1.69 lakh crore a year ago, the filing showed.
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