post about Indian Oil Due to high input costs, the first quarter saw a net loss of Rs 1,993 crore.
As opposed to a net profit of Rs. 5,941 during the same period of the previous year
the government-run Indian Oil Corporation (IOC) on Friday reported a net loss of Rs. 1993crore for the first quarter of the current financial year.
High input costs caused a significant drop in business earnings.
IOC's revenue from operations increased by 63 percent year over year to Rs 2,51,933 crore for the quarter ended June 30 as compared to Rs 1,55,056 crore in the same time last year.
The standalone and consolidated unaudited financial results for the quarter ended June 30, 2022, were accepted by Indian Oil Corporation's board of directors on Friday.
The chairman of Indian Oil Corporation, SM Vaidya, commented on the findings, saying,
"During the first quarter of the financial year 2022–23, IndianOil sold 24.648 million tonnes of products, including exports. In the first quarter of 2022–2023,
our refining throughput was 18.936 million tonnes, and the throughput of the Corporation's nationwide pipeline network, which includes gas pipelines, was 24.649 million tonnes.