A consolidated net loss of Rs 7,782 crore reported by Indian Oil Corporation for the March quarter. In the previous quarter, Rs 6,004.88 crore net profit posted by the oil major. For the period April-March 2020 financial year, average gross refining margin is $0.08 per bbl, compared to $5.41 per bbl a year earlier.
Revenue from operations for the reported quarter fell 2.77 percent to 1.4 trillion rupees. Against a loss of 5.96 billion rupees a year ago, inventory losses were at 56.68 billion rupees for the March quarter.
About a third of India's five million-barrels-per-day refining capacity controlled by Indian Oil Corporation and Chennai Petroleum.
