Indian Oil Corporation secured crude supplies till September, reports narrower net loss
Indian Oil Corporation Ltd. (IOCL) has secured crude oil supplies for August and most of September, ensuring comfortable placement despite global shipping disruptions. The state-owned oil marketing company reported a narrower net loss of ₹2,661 crore in the June-ended quarter, attributing this to refinery operational efficiencies. Overall revenues increased by 26% year-on-year to ₹2.76 lakh crore. IOCL also recorded its lowest-ever quarterly fuel and loss of 8.04% in the post-Bharat Stage-VI scenario. The company is pursuing diversification in LPG supplies and tapped RBI's credit facility swap window to raise $500 million.
Key Points
- Indian Oil Corporation (IOCL) has secured crude oil supplies for August and most of September.
- The company reported a narrower net loss of ₹2,661 crore in the June-ended quarter, attributed to operational efficiencies.
- Overall revenues increased by 26% year-on-year to ₹2.76 lakh crore.
- IOCL is diversifying LPG supplies and raised $500 million via RBI's credit facility swap window.
Exam Facts
- Company: Indian Oil Corporation Ltd. (IOCL).
- Chairman: Arvinder Singh Sahney.
- Net loss (June quarter): ₹2,661 crore.
- Total revenues: ₹2.76 lakh crore.
- RBI credit facility swap window: $500 million raised.
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