BENGALURU (Reuters) – Indian Oil Corp Ltd (IOC), the country’s top refiner, reported a 92.4% fall in third-quarter profit on Tuesday, hurt by static pump prices, higher costs and foreign exchange losses.
The marketing under-recovery of oil marketing companies was hurt by retail prices that have remained unchanged since April 2022.
The state-owned company reported a net profit of 4.48 billion rupees ($54.71 million) for the quarter ended Dec. 31 against 58.61 billion rupees a year earlier.
A 40% surge in input costs pushed up total expenses by 20.4% to 2.30 trillion rupees.
The company also logged a foreign exchange loss of 17.01 billion rupees during the quarter, the company said in an exchange filing.
