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Under-recoveries strike oil PSUs again in Q2 — IOC net dips 23 pc to Rs 950 cr

Our Bureau

New Delhi , Oct. 28

THE non-realisation of market related prices for petroleum products has affected the net profit that the public sector oil major Indian Oil Corporation Ltd has reported during the second quarter.

IOC has recorded a 23-per cent dip in net profit at Rs 949.72 crore, compared to Rs 1,239.53 crore in the previous corresponding quarter.

H1 net down 67%: For the first six months of the current fiscal, the corporation reported a drop of 67 per cent in net profit at Rs 895.49 crore as it reported a loss of Rs 54 crore during the first quarter of this fiscal. IOC's net profits stood at Rs 2,711.70 crore during the first six months of the last financial year.

"The lower profits are primarily due to non-realisation of market related prices for petrol, diesel, PDS kerosene and domestic liquid petroleum gas during the first six months. The under-recovery on the four products during the first half of the current fiscal increased to Rs 5,627 crore compared to Rs 3,867 crore during the corresponding period of the previous year," the IOC Chairman, Mr S. Behuria. said.

IOC's under-recoveries include Rs 2,248 crore on account of diesel, Rs 2,146 crore for kerosene and Rs 399 crore for petrol during the period, Mr Behuria said.

The IOC share price closed at Rs 445.05 on the National Stock Exchange on Friday.

IOC's subsidiary IBP Ltd reported a 212.9-per cent jump in losses at Rs 190.53 crore during the second quarter of the current financial year against a loss of Rs 60.89 crore during the same quarter last fiscal.

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