Indian Oil Corp (IOC) today reported a net loss of Rs 3,093.23 crore for the April-June quarter on not being fully compensated for selling fuel below cost,and the rupee depreciation drilling a hole in its balance sheet.
The Q1,2013-14 net loss was however much lower than Rs 22,450.95 crore suffered in the same period of 2012-13. IOC lost Rs 13,625 crore on selling diesel,cooking gas (LPG) and kerosene at government controlled rates during the April-June period.
Of this,the government compensated Rs 4,261.29 crore by way of cash subsidy. Another Rs 8,151.77 crore came as additional assistance from upstream firms. We had a net under-recovery (revenue loss) of Rs 1,211.67 crore, IOC chairman R S Butola told reporters here. That apart,the dip in rupee value against the US dollar led to a foreign exchange loss of Rs 4,024.10 crore in Q1,he said.