IOC posts Rs 1,992-cr net loss on petrol, diesel price freeze in Q1
Indian Oil Corporation (IOC) on Friday reported a net loss of Rs 1,992 crore in the June quarter as a freeze on petrol and diesel prices wiped away record refining margins.
Net loss of Rs 1,992.53 crore in April-June compares to Rs 5,941.37 crore of net profit in the same period a year back, the company said in a stock exchange filing.
Its revenue from operations rose to Rs 2.51 trillion in April-June from Rs 1.55 trillion, mostly because of higher international oil prices.
During the quarter, IOC and other state-owned fuel retailers Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) did not revise petrol and diesel prices in line with rising costs.
