IOC posts Rs 272-crore loss in September quarter

NEW DELHI: The Indian Oil Corporation said it incurred a loss of Rs 272 crore for the quarter ended September 2022. The oil giant had a profit of Rs 6,360.05 crore in the year-ago period.

The company on Saturday evening said its revenue went down 7.5 per cent to Rs 2.1 lakh crore in the reviewed quarter, against Rs 2.2 lakh crore in the year-ago period.

Earnings before interest, taxes, depreciation, and amortisation of the company was at Rs 1,960 crore, against Rs 1,359 crore in the year-ago period.

The margin was 0.9 per cent in Q2FY23, against 0.6 per cent in the year-ago period, a rise of 30 basis points.

All the oil marketing companies, including IOC, did not raise the prices of gas, petrol and diesel in line with the cost. Because of this, the OMCs, including IOC, incurred heavy losses in the first quarter of the financial quarter.

New Delhi-headquartered Indian Oil Corporation is a central public sector undertaking. It is a public sector undertaking whose operations are overseen by the ministry of petroleum and natural gas. Indian Oil reaches precious petroleum fuels to every nook and corner of the country through its network of over 56,000 plus customer touch-points.

In a big step towards reducing dependence on imports to meet energy needs, the government-run IOC had launched indigenous production of AVGAS 100 LL, a special aviation fuel meant for piston engine aircraft and unmanned Ariel vehicles, recently.

At present AVGAS 100 LL is a completely-imported product. The domestic production of AVGAS 100 LL produced by Indian Oil at its Gujarat refinery will make flying training more affordable in India. This product which fuels the aircraft operated by Flying Training Organisations (FTOs) and Defence forces is being imported for decades by India.