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Indian Oil Corp posts quarterly loss as inventory losses surge

Indian Oil Corp posts quarterly loss as inventory losses surge

Indian oil

Indian Oil Corp Ltd, the country's top refiner, on Wednesday reported a net loss in the March quarter, hurt by a surge in inventory losses.

The state-owned company reported a fourth-quarter net loss of 51.85 billion rupees, compared with a profit of 60.99 billion rupees a year earlier.

Revenue from operations for the reported quarter fell 2.77% to 1.4 trillion rupees.

Inventory losses, which include finished goods, stock-in-trade and work in progress were at 56.68 billion rupees for the March quarter against a loss of 5.96 billion rupees a year ago, the refiner said.

Inventory loss is booked when oil prices fall by the time a company processes oil into fuel.

IOC, along with unit Chennai Petroleum, controls about a third of India's five million-barrels-per-day refining capacity.