Moneycontrol Bureau
State-run oil marketing company Indian Oil Corporation (IOC) has posted a loss of Rs 329 crore during July-September quarter compared to profit of Rs 6,435.7 crore in preceding quarter.
Revenue declined 15.7 percent to Rs 85,384.8 crore during the quarter compared to Rs 1,01,306.8 crore in year-ago period.
The company says average gross refining margin for April-September period was USD 5.76 a barrel against USD 0.09 a barrel in corresponding period of last fiscal. It was USD 0.9 a barrel in Q2 against USD 10.8 a barrel in Q1FY16.
IOC missed analysts' expectations on bottomline front but topline was ahead of estimates. A CNBC-TV18 poll was expecting profit of Rs 1,780 crore on revenue of Rs 82,800 crore for the quarter.
Operating profit (earnings before interest, tax, depreciation and amortisation) declined drastically to Rs 695 crore from Rs 10,101 crore and margin contracted to 0.8 percent from 10 percent on sequential basis.
The company has reported inventory loss of Rs 504 crore for the quarter against gain of Rs 2,285 crore in preceding quarter due to sharp decline in crude oil prices.
Other income in quarter ended September 2015 climbed 59 percent to Rs 576.5 crore while finance cost declined 23 percent to Rs 729.3 crore and tax expenses slipped 94 percent to Rs 169 crore compared to preceding quarter.
At 13:48 hours IST, the stock was quoting at Rs 396.70, down Rs 0.05, or 0.01 percent on the BSE.
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