IOC posts Rs 3,093 cr net loss

IOC posts Rs 3,093 cr net loss
Highlights

Indian Oil Corporation (IOC) has reported a net loss of Rs 3,093.23 crore for the April- June quarter on not being fully compensated for selling fuel below cost, and the rupee depreciation drilling a hole in its balance sheet. The Q1, 2013-14 net loss was however much lower than Rs 22,450.95 crore suffered in the same period of 2012-13 fiscal.

New Delhi: Indian Oil Corporation (IOC) has reported a net loss of Rs 3,093.23 crore for the April- June quarter on not being fully compensated for selling fuel below cost, and the rupee depreciation drilling a hole in its balance sheet. The Q1, 2013-14 net loss was however much lower than Rs 22,450.95 crore suffered in the same period of 2012-13 fiscal.

IOC lost Rs 13,625 crore on selling diesel, cooking gas (LPG) and kerosene at government controlled rates during the April-June period.Of this, the government compensated Rs 4,261.29 crore by way of cash subsidy. Another Rs 8,151.77 crore came as additional assistance from upstream firms like ONGC. "We had a net under-recovery (revenue loss) of Rs 1,211.67 crore," IOC Chairman R S Butola said.

That apart, the 11 per cent dip in rupee value against the US dollar led to a foreign exchange loss of Rs 4,024.10 crore in Q1, up from Rs 3,187.01 crore in the same period last fiscal, he said. Profit was also down because of one-time charge of Rs 400 crore towards employee benefit arrears. "We had positives on refinery margins and petrochemical business turning positive," he said. The company earned $1.67 on turning every barrel of crude oil into fuel as compared to a negative gross refining margin of $4.81 in the same period a year ago. "Our refinery margins are not comparable with industry peers as unlike other companies, refineries and pipelines are separate profit centres for Indian Oil," Butola said.

M & M profit rises 29%

Mumbai: Mahindra & Mahindra Ltd has reported 13.46 per cent increase in its consolidated net profit to Rs 1,164.6 crore for the first quarter ended June 30, 2013, riding on good performance of its farm equipment segment and cost control measures. The company had posted a consolidated net profit of Rs 1,026.4 crore for the same period previous fiscal.
Company's consolidated income increased to Rs 19,356.03 crore in the April-June quarter, from Rs 17,670.81 crore during the same period last year, M&M said in a filing.

The company's revenue from its automotive segment stood at Rs 5,860.98 crore as against Rs 5,822.52 crore in the year-ago quarter. The farm segment registered revenue of Rs 3,899.52 crore as against Rs 3,078.29 crore in the same quarter last fiscal.

"The good growth in the profits of the entity in the quarter is due to a very good volume performance by the farm equipment sector and tight control on expenses," the company said in a statement.

Voltas Q1 profit declines

New Delhi: Tata group firm Voltas Ltd has reported 48.49 per cent decline in consolidated net profit at Rs 40.75 crore for the first quarter ended June 30, 2013. The company had posted a consolidated net profit of Rs 79.12 crore for the same period previous fiscal.

Company's consolidated net sales stood at Rs 1,601.78 crore in the April-June quarter compared to Rs 1,611.57 crore during the same period last year, Voltas said in a filing. Voltas consolidated revenue from its electro-mechanical projects and services segment was at Rs 692.95 crore as against Rs 741.30 crore in the year-ago quarter.

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