IOC and other state-owned fuel retailers had posted huge losses in the first quarter of the current fiscal as they did not revise prices to help the government. control inflation
IOC and other state-owned fuel retailers had posted huge losses in the first quarter of the current fiscal as they did not revise prices to help the government. control inflation
New Delhi, Oct 29 (PTI) State-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of Rs 272.35 crore in July-September. less than the cost.
Net loss of ₹272.35 crore as compared to profit of ₹6,360.05 crore in July-September 2021, according to the company’s filings with the stock exchanges.
IOC as well as other state-owned fuel retailers reported heavy losses in the first quarter of the current fiscal as they lowered the prices of petrol, diesel and cooking gas (LPG) to help the government control runaway inflation. was not amended.
In April-June (1st quarter of FY 2022-23), IOC reported a net loss of ₹1,992.53 crore.
For the first half of the current financial year, the company now reported a net loss of ₹2,264.88 crore as against a profit of ₹12,301.42 crore in the year-ago period.
The filing shows that revenue from operations rose to ₹2.28 lakh crore in July-September, up from ₹1.69 lakh crore a year ago.