Low fuel demand drives IOC's pre-tax profit down 42% to Rs 3,204 cr in Q1

June quarter revenue down 41% to Rs 90,106 cr, GRM was minus (-) $1.98 a barrel as compared to $4.69 a barrel in the year-ago quarter

Indian Oil Corporation (IOC) on Friday reported a 42 per cent drop in consolidated profit before tax (PBT) at Rs 3,204.4 crore for the first quarter of the current financial year on low fuel demand.

The pre-tax profit of the country’s largest fuel retailer was Rs 5,482.35 crore during April to June period of 2019-20.  

The company’s revenue from operation for the second quarter was down 41 per cent at Rs 90,106.48 crore, against Rs 1.52 trillion in the year-ago period. 

The inventory loss for the quarter stood at Rs 3,196 crore, against a gain of Rs 2,362 crore during the first quarter