IOC FY 2023 Q2 results: Indian Oil suffers losses for the second quarter in a row despite receiving a huge grant from the government, a loss of 272 crores.

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The Indian Petroleum Corporation, i.e. IOC (IOC), suffered a loss of Rs 272.35 crore in the second quarter (July-September) of the current financial year due to the sale of gasoline, diesel and LPG at a price below cost.

IOC results for Q2 FY 2023: The Indian Petroleum Corporation, i.e. IOC (IOC), suffered a loss of Rs 272.35 crore in the second quarter (July-September) of the current financial year due to the sale of gasoline, diesel and LPG at a price below cost. This is stated in the message of the company IOC, distributed on Saturday. According to documents provided to the stock market, IOC made a profit of Rs 6,360.05 crore in the same quarter last year (July-September 2021).

There was also a loss in the first quarter of fiscal year 23.

The company posted a loss of Rs 272.35 crore in the second quarter of the current financial year compared to the previous financial year. IOC, like other state-owned fuel retailers, also suffered heavy losses in the first quarter of the current fiscal year. In fact, these companies and state-owned retailers have not revised the prices of gasoline, diesel and LPG to cost to help the central government control ever-increasing inflation. In the first quarter of fiscal year 23 (quarter April to June fiscal year 2022-2023), the IOC reported a loss of Rs 1,992.53 crore.

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Losses for the second quarter in a row compared to FY22

The company made a profit of Rs 12,301.42 crore in the first and second quarters of last financial year. By comparison, the company posted a loss of Rs 2,264.88 crore in the first and second quarters of the current financial year. The stock market filing shows that the company’s July-September operating revenue increased to Rs 2.28 crore from Rs 1.69 crore last year.

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The Indian Oil Company, owned by the central government, works for oil and gas. India’s largest commercial oil company, IOCL, is headquartered in New Delhi. This company operates under the Ministry of Oil and Natural Gas. According to the company’s official website, Indian Oil was ranked 142nd on the Fortune Global 500 list. In fiscal year 2021-22, IOCL reported operating income of Rs 7,28,460 crore and a net income of Rs 24,184 crore.

(Input: PTI)



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