ndianOil Corporation has reported a net loss of ₹961 crore for the quarter ended December 31, as the Government paid less on account of oil subsidy. It had posted a net profit of ₹3,332 crore in the corresponding period a year ago.
RS Butola, Chairman, said the company posted losses mainly on account of net under-realisation of ₹7,193 crore in the quarter.
The Government paid ₹5,173 crore to the company as cash subsidy and it got another ₹8,261 crore from upstream firms such as ONGC, leaving an unmet gap of ₹7,193 crore, he said.
The company had lost ₹20,627.12 crore on selling diesel and domestic LPG at controlled prices in the December quarter.
IOC is currently losing ₹7.39 a litre on diesel, ₹35.76 a litre on subsidised kerosene and ₹656 per domestic cooking gas (LPG) cylinder.
Net sales saw a marginal increase to ₹117,415 crore in October-December 2013 from ₹116,458.8 crore in the corresponding period a year ago.
In the first nine months, IOC posted a net loss of ₹2,370.76 crore after it had to absorb ₹8,818 crore on fuel sales.
“If we were to have been fully compensated, we would have made a net profit of ₹6,500 crore in April-December,” he said.
Butola added the company’s product sales volumes including exports were 19.136 million tonnes (mt) during the third quarter.
“Our refining throughput was 13.075 mt in the third quarter of the current fiscal,” he said.