India’s State Oil Corporation (IOC) on Saturday reported a net loss of Rs 272.35 crore for July-September – the second consecutive quarter of losses arising from the sale of petrol, diesel and LPG gas at a price lower than cost.
A net loss of Rs 272.35 crore compared to a profit of Rs 6,360.05 in July-September 2021, according to a company filing on a stock exchange.
The IOC as well as other state-owned fuel retailers suffered heavy losses in the first quarter of the current financial year because they did not adjust the cost of gasoline, diesel and LPG cooking gas to help government curbs inflation.
In April-June (first quarter of fiscal year 2022-23), the IOC recorded a net loss of Rs 1,992.53 crore.
In the first half of the current financial year, the company has now posted a net loss of Rs 2,264.88 compared to a profit of Rs 12,301.42 in the same period last year.
Revenue from operations jumped to Rs 2.28 lakh crore in July-September from Rs 1.69 lakh crore a year ago, records show.
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