IndianOil Q2 net plunges over 82% to ₹563 crore on inventory loss

Indian Oil Corporation Limited has reported a ₹563.42 crore net profit for the quarter ending September 30, 2019. This is over 82 per cent lower than the ₹3,246.93 crore net profit reported by the company in the corresponding period of the previous financial year.

“The variation is largely on account of inventory loss. There was an inventory loss of ₹1,807 crore in the second quarter of the financial year 2019-2020. In the corresponding period of 2018-2019, there was an inventory gain of ₹2,895 crore,” IndianOil Chairman, Sanjiv Singh said.

The lower profits is also due to subdued global gasoline prices, Singh added.