NEW DELHI: State-run Indian Oil Corporation has seen a sharp fall in its net profit during the second quarter of the current fiscal on account of inventory losses and lower refining margins. Net profit stood at Rs 563.42 crore during the July-Sept quarter, against Rs 3,246.93 crore profit it reported a year ago.
The country’s largest refiner of fossil fuel also saw its revenue plunge to Rs 1.32 lakh crore, down 13 per cent from the corresponding quarter of the previous fiscal. “The variation is largely on account of inventory loss. There was an inventory loss of Rs 1,807 crore this quarter, while there was an inventory gain of Rs 2,895 crore a year ago,” IndianOil chairman Sanjiv Singh said. The lower profits is also due to subdued global gasoline prices, he said.
