Indian Oil Corporation Ltd. has suffered a loss of Rs. 22,451 crores for the first quarter of the current financial year ended June 2012 as compared to a loss of Rs. 3,719 crores for the corresponding quarter of the previous year.
The losses in the current quarter are mainly due to unmet under-realisation of Rs. 17,485 crores on sale of HSD, SKO (PDS) and LPG (domestic) in the absence of sanction of budgetary support from the Government, foreign exchange loss of Rs. 3,187 crores, inventory valuation loss of Rs. 4,062 crores affecting gross refining margin, and to higher interest cost of Rs. 1,849 crores following delay in receipt of compensation from the Government.
The gross turnover for the first quarter of the current year ended June 2012 has increased by 12.4 per cent to Rs. 101,936 crores from Rs. 90,713 crores during the same period last year.
Mr. RS Butola, Chairman, said: “IndianOil sold 19.443 million tonnes of products, including exports, during the first quarter of 2012-13. Our quarterly refining throughput was 13.579 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 18.583 million tonnes. The gross refining margin during the first quarter was $4.81 per bbl which was mainly on account of Inventory valuation loss of Rs. 4,062 crores which translates to $7.54 per bbl”.