IOC Q3 net profit dips 91% to Rs 716.82 crore on higher inventory loss

The non-payment of 93% of subsidy by govt led to a burden of Rs 11.8k cr

State-run Indian Oil Corporation (IOC) has posted a 91 per cent drop in net profit for the third quarter of the financial year to Rs 716.82 crore, owing to a higher inventory loss during the quarter. The company had a net profit of Rs 7,883.22 crore during the third quarter of the 2017-18 financial year.

The non-payment of 93 per cent of subsidy reimbursement by the government on cooking gas has led to an additional burden of Rs 11,816 crore on the company, which in turn increased its borrowings. The government subsidy dues amount to over 19 per cent