New Delhi: India's largest state refiner, Indian Oil Corp, recorded a sharp fall of 76 per cent in net profits for the third quarter in 2009-10, compared to the same period last year. The loss was due to the government not compensating for the subsidy for domestic retail automobile fuel.
In a regulatory statement, Indian Oil Corp said its net profit for the quarter ending December 31, 2009 was Rs 6.95 billion, compared to Rs 29.58 billion for the same period in 2008.
However, the total income has decreased slightly for the period to Rs710.88 billion in 2009 from Rs 723.51 billion in 2008 - a difference of just over 1 per cent.
The gross refining margin for 2009-10 for the April-December 2009 period increased to $4.84 per barrel, compared to $3.37 per barrel in 2008.
The government had sanctioned a budgetary support of Rs 71 billion for 2009-10 towards under-recoveries on kerosene and cooking gas.
So far, Indian Oil has received Rs 44.82 billon as grants for the nine month period from April to December 2009.
The total under-recoveries due to non-revision of retail price was Rs79.36 billion during the nine-month period compared to Rs 75.39 billion last year.
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