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IndianOil posts net loss of Rs 7,783 cr due to weak inventory in Q4

IOC said the company is consistently valuing its inventories at cost or net realisable value (NRV) whichever is lower

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As a result of considering a longer time period, the write down in valuation of inventories increased to Rs 11,305 crore.| Photo: Reuters

ANI

2 min read Last Updated : Jun 24 2020 | 7:13 PM IST

Oil marketing firm IndianOil Corporation (IOC) on Wednesday posted a consolidated net loss of Rs 7,783 crore for the quarter ended March on a one-time loss of Rs 11,305 crore.

The company had posted a net profit of Rs 6,005 crore in the corresponding quarter last year (Q4 FY19). The revenue declined by over 3 per cent year-on-year to Rs 1.42 lakh crore during Q4 FY20.

IOC said the company is consistently valuing its inventories at cost or net realisable value (NRV) whichever is lower. For this purpose, NRV is derived based on the actual realisation in the specified subsequent

Topics : IndianOil Oil inventories