IOC’s Q3 net profit rises 34 per cent to Rs3,332 crore

Indian Oil Corporation (IOC) has posted a 33.92-per cent increase in quarterly net profit at Rs3,332 crore for the third quarter of the financial year 2012-13 despite rising under-recoveries and high crude prices.

IOC, the country's largest fuel marketing company, had recorded a net profit of Rs2,488 crore for the corresponding quarter of the previous financial year.

IOC attributes the increase in profit during the October-December 2012 quarter to release of government assistance of Rs13,475 crore, which partly compensated the under-recoveries on sale of diesel, PDS kerosene and domestic cooking gas (LPG).

IOC's turnover for the third quarter of the current financial year rose 12 per cent to Rs1,07,686 crore, from Rs96,006 crore during the corresponding quarter of the previous financial year, unaudited financial results released today showed.

IOC said it incurred a net loss of Rs9,508 crore for the first nine months of the 2012-13 financial year against a loss of Rs8,716 crore during the same period of the previous year, mainly on account of unmet under recoveries on sale of diesel, PDS kerosene and LPG (domestic).

IOC estimates such loss for the April-December 2012 period at Rs13,227 crore.