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.