Indian Oil posts net loss in Q1 due to high input costs

New Delhi: The government-run Indian Oil Corporation (IOC) on Friday reported a net loss of Rs 1,993 crore for the first quarter of the current financial year as against a net profit of Rs 5,941 crore recorded in the corresponding period of the last year.

The company's profit declined sharply due to high input costs. IOCs revenue from operations of surged to Rs 2,51,933 crore for the quarter ended June 30 as compared to Rs 1,55,056 crore recorded in the corresponding period of the previous year, registering a year-on-year growth of 63 per cent.

Indian Oil Corporation's Board of Directors on Friday approved the standalone and consolidated unaudited financial results for the quarter ended 30th June 2022.

Commenting on the results, Indian Oil Corporation Chairman SM Vaidya, said, "IndianOil sold 24.648 million tonnes of products, including exports, during the first quarter of the financial year 2022-23. Our refining throughput for Q1 2022-23 is 18.936 million tonnes and the throughput of the Corporation's countrywide pipelines network including gas pipelines is 24.649 million tonnes during the same period."

"The gross refining margin (GRM) during the first quarter of FY 2022-23 is $31.51 per bbl as compared to $6.58 per bbl in the corresponding quarter of the previous financial year. The core GRM for the current period after offsetting inventory loss/ gain comes to $25.34 per bbl," Vaidya said.