IOC Q2FY23 Results: Oil marketing company reports Rs 272 cr loss for second straight quarter

State-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of Rs 272.35 crore for July-September - the second straight quarter of loss arising from selling petrol, diesel and cooking gas LPG at rates below cost.

The net loss of Rs 272.35 crore compared to a profit of Rs 6,360.05 crore in July-September 2021, according to a company's filing with the stock exchanges.

IOC as well as other state-owned fuel retailers had booked heavy losses in the first quarter of the current fiscal as they did not revise petrol, diesel and cooking gas LPG prices in line with the cost to help the government contain runaway inflation.

In April-June (the first quarter of 2022-23 fiscal), IOC booked a net loss of Rs 1,992.53 crore.

For the first half of the current fiscal, the company has now accumulated a Rs 2,264.88 crore net loss against a profit of Rs 12,301.42 crore in the year-ago period.

The revenue from operations soared to Rs 2.28 lakh crore in July-September from Rs 1.69 lakh crore a year back, the filing showed.