Indian Oil Corp Q1 loss at ₹1,993 cr

Indian Oil Corp swung to a loss of ₹1,993 crore in the April-June quarter from a profit of ₹5,941 crore a year earlier as its inability to raise fuel prices more than offset gains from record-high refining margins.

Revenue from operations rose 62% year on year to ₹2,51,933 crore on higher prices.

The company reported a gross refining margin (GRM) of $31.51 per barrel for the quarter as against $6.58 per barrel in the corresponding quarter of the previous year. The core GRM after offsetting inventory loss or gain comes to $25.34 per barrel. "However, the suppressed marketing margins of certain petroleum products have offset the benefit of increase in GRM," Indian Oil said.


In almost all of the April-June quarter, the oil marketing companies (OMCs) kept retail prices unchanged while international fuel prices rose, resulting in losses for Indian Oil and other OMCs.