State-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of Rs 272.35 crore for July-September despite booking over Rs 10,800 crore of LPG subsidy it received from the government after the quarter ended.
The net loss of Rs 272.35 crore compares to a profit of Rs 6,360.05 crore in July-September 2021, according to a company’s filing with the stock exchanges.
The decline comes on the back of a Rs 1,992.53 crore loss incurred in the previous April-June quarter. This is the first time that IOC has booked losses in two straight quarters – all because it sold petrol, diesel and cooking gas (LPG) at rates below cost.
