Despite booking Oct. LPG subsidy, IOC posts first-ever quarterly loss.
- Despite booking almost Rs 10,800 crore in government LPG subsidy after the quarter ended, state-owned Indian Oil Corporation (IOC) recorded a net loss of Rs 272.35 crore for July-September on Saturday.
- According to a stock market report, the business lost Rs 272.35 crore in July-September 2022 compared to a profit of Rs 6,360.05 crore in same quarter in 2021.
- In the previous April-June quarter, the company lost Rs 1,992.53 crore. Because it sold petrol, diesel, and LPG below cost, IOC recorded losses in two consecutive quarters for the first time.