IOC posts over 82 percent fall in Q2 net profit

New Delhi, Nov 8: State-run Indian Oil Corporation (IOC) Friday reported 82.5 percent fall in net profit for the second quarter ending September, due to shortfall in government compensation for losses on diesel and cooking gas sales.

The company’s net profit for the quarter fell to Rs.1,683.92 crore, from Rs.9,611 crore in the same period of last year.

"The decrease in profit is mainly on account of: Net under-realization of Rs.413 crore in current quarter as compared to over recovery of Rs.3,850 crore received during July-Sept ’12 for earlier quarters," the IOC said in a statement.

"Exchange loss of Rs.2,158 crore in the current quarter as against the exchange gain of Rs.2,289 crore in the corresponding quarter of the previous year," the statement said.

Sales rose to Rs.109,859.49 crore in the quarter, from Rs.105,791.29 crore in the corresponding period of 2012-13, the company said in a filing to the stock exchanges.

"IndianOil’s product sales volumes, including exports, was 17.627 Million Tonnes during the second quarter of FY 2013-14. Our quarterly refining throughput went up by 0.226 million tonnes to 13.344 million tonnes as compared to the corresponding quarter of the previous financial year," chairman R.S. Butola said.

IOC stock closed on Friday at Rs.213.20, up 3.40 points, or 1.62 percent, over its previous close on the Bombay Stock Exchange.