Indian Oil Corporation sees 66.46 per cent decline in net profit in Q1 FY23

This is the first quarterly loss reported by the company in the past two years. The company had posted a net profit of Rs 5,941.37 crore in the same period a year ago.

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NEW DELHI: State-owned oil refiner Indian Oil Corporation (IOC) on Friday reported a 66.46% decline in its net profit at Rs 1,992.53 crore for the first quarter ended June 2022 due to freezing on petrol and diesel prices.

This is the first quarterly loss reported by the company in the past two years. The company had posted a net profit of Rs 5,941.37 crore in the same period a year ago.

However, the company’s revenue from operations rose to Rs .51 lakh crore from Rs 1.55 lakh crore in the quarter because of higher international oil prices.