IOC Q2 profit tanks 83% to Rs 563 crore on inventory loss, lower refining margin

New Delhi: Indian Oil’s second-quarter profit slumped 83% to Rs 564 crore mainly due to inventory loss and lower refining margin.

Revenue also fell to Rs 1,32,376 crore in the July-Sept quarter, down 13% from a year earlier, for the country’s largest refiner and fossil fuel retailer. “The variation is majorly on account of inventory loss during current quarter against inventory gain during corresponding quarter of previous financial year,” Indian Oil Chairman Sanjiv Singh said.

The company reported an inventory loss of Rs 1807 crore for the quarter as against an inventory gain of Rs 2895 crore in the corresponding quarter last year.