New Delhi, April 30, 2024.
Indian Oil Corporation (IOC) on Tuesday reported halving of its March quarter net profit largely because of losses in the petrochemical business and shrinking margin after it announced a pre-election fuel price cut despite rising input costs.
The net profit of Rs 4,837.69 crore in January-March compared to Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding October-December quarter, according to a stock exchange filing by the company.
Profit was lower as refining margins dipped, the petrochemical segment turned negative, and the firm, last month, cut petrol and diesel prices by Rs 2 per litre each despite crude oil prices edging up. Also, the company was not compensated for the Rs 1,017 crore loss it incurred on holding domestic cooking gas prices by the government, according to the filing.