IOC Q2 net down 12.5% to Rs 33.26 bn due to forex expenses, input costs

IOC said the impact of absorbing the cut of Rs 1 a litre in diesel and petrol prices would be seen from Q3

State-run Indian Oil Corporation (IOC) has posted a 12.5 per cent drop in net profit for the second quarter of the financial year 2018-19 to Rs 33.26 billion, compared to Rs 38.05 billion during the same period last year. The drop in net profit was owing to the losses on foreign exchange expenses and rise in raw material costs.         

However, during the April to September quarter of the current financial year, the company's total income was seen at Rs 1.55 trillion, up 38 per cent compared to Rs 1.12 trillion during the corresponding quarter of 2017.