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.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/in-a-first-diesel-more-costly-than-petrol-in-delhi-308154" hreflang="en">In a first, diesel more costly than petrol in Delhi</a>

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.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/geopolitical-risks-indias-economy-to-contract-31-in-2020-says-moodys-307884" hreflang="en">'Geopolitical risks': India's economy to contract 3.1% in 2020, says Moody's</a>

Inventory loss is booked when oil prices fall by the time a company processes oil into fuel.&nbsp;

IOC, along with unit Chennai Petroleum, controls about a third of India's five million-barrels-per-day refining capacity.&nbsp;

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.

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. Also read: In a first, diesel more costly than petrol in Delhi 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. Also read: 'Geopolitical risks': India's economy to contract 3.1% in 2020, says Moody's 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.

Indian Oil Corp posts quarterly loss as inventory losses surge

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Indian Oil Corp posts quarterly loss as inventory losses surge