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Indian Oil Corporation (IOC) reported a massive net loss of Rs 1,992.53 crores for the quarter ended in June 2022 as opposed to a profit of Rs 5,941.37 crores reported in the corresponding quarter last year & Rs 6,021.88 crores reported in the last quarter.
The company reported a quarterly net loss for the first time in more than two years, as the country's top refiner sold fuel at a discount in the domestic market while its costs jumped. State refiners have had to step up domestic sales of fuel and have suffered marketing losses despite buying cheaper Russian crude as private refiners reduced their share to focus on exports due to higher margins.
This stock gave a return of 1200% in 3 years, read now.
Revenues of the company jumped 62% YoY to Rs 252,616.54 crores. Sales were 22% higher on a quarterly basis. Other income grew 21% to Rs 683.65 crores but declined 28% QoQ.
The cost of materials consumed surged a massive 95% to Rs 121,373.07 crores. Purchases of stock in trade grew 145% during the quarter while the net loss on derecognition of financial assets was Rs 305.73 crores up from Rs 0.75 crores last year!
The higher expenses resulted in an operating loss with an operating margin of -0.59. EPS for the quarter was Rs -1.45 per share. Gross Refining Margin for the period was $31.81 per barrel against $6.58 per barrel last year. However, suppressed marketing margins of certain petroleum products have offset the benefit of the increase in GRM.
The stock of IOC trades around Rs 71 per share currently, down 2.67%.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
