IndianOil posts ₹2,636-cr loss

Our Bureau Updated - March 12, 2018 at 09:14 PM.

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Indian Oil Corporation reported a loss of ₹2,636.80 crore for the third quarter of fiscal 2014-15 against a loss of ₹961.45 crore in the same quarter last year.

The company’s financial performance was hit by a ₹12,842-crore inventory loss.

This includes a ₹ 9,050 crore inventory loss on crude oil and ₹ 3,792 crore inventory loss on products.

Due to the inventory losses, the company’s gross refining margin (GRM) slipped into negative for the quarter.

During the third quarter IndianOil’s GRM was $ -7.73 per barrel an in the same quarter last year it was $4.56 per barrel.

“The physical performance of the refinery has been much better. Excluding inventory gains and losses, GRM in third quarter was $10.47 per barrel as against $ 2 per barrel in the same quarter last year,” said B Ashok, Chairman, IndianOil.

During the quarternet revenues fell ý7.2 per cent to ₹1,10,773.73 crore (₹1,19,467.07 crore).

Published on February 13, 2015 10:15