IOC net loss at Rs. 3,093 cr on subsidy, rupee | business | Hindustan Times
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IOC net loss at Rs. 3,093 cr on subsidy, rupee

business Updated: Aug 13, 2013 22:12 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Indian Oil Corp (IOC) on Tuesday reported a net loss of Rs. 3,093 crore during the April-June quarter on not being fully compensated for selling fuel (essentially diesel, cooking gas or LPG and kerosene) below cost, and the rupee depreciation drilling a hole in its balance sheet.

It was, however, comparatively lower than Rs. 22,451 crore suffered a year-ago.

The company lost Rs. 13,625 crore on selling diesel, cooking gas (LPG) and kerosene at government-controlled rates in April-June, it said.

An 11% drop in the rupee’s value against the US dollar led to a foreign exchange loss of Rs. 4,024 crore in the first quarter against Rs. 3,187 crore a year-ago.

IOC’s turnover rose to Rs. 110,467 crore in April-June from Rs. 96,861 crore in the same period a year ago.