Indian Oil Corporation (IOC) on Friday reported a 42 per cent drop in consolidated profit before tax (PBT) at Rs 3,204.4 crore for the first quarter of the current financial year on low fuel demand.
The pre-tax profit of the country’s largest fuel retailer was Rs 5,482.35 crore during April to June period of 2019-20.
The company’s revenue from operation for the second quarter was down 41 per cent at Rs 90,106.48 crore, against Rs 1.52 trillion in the year-ago period.
The inventory loss for the quarter stood at Rs 3,196 crore, against a gain of Rs 2,362 crore during the first quarter of 2019-20. This translates to $3.05 a barrel loss during the quarter versus $3.92 a barrel gain during the same time last year.
