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IndianOil is back in black with Rs 2,523-cr Q1 profit

Indian Oil Corporation Ltd (IOCL), the nation's biggest oil firm, on Tuesday  reported a net profit of Rs 2,523 crore in the June quarter after government and upstream firms made up most of its losses on fuel sales.

It had reported a net loss of Rs 3,093.23 crore in April- June of last year on delays in payment of government subsidy.

‘The net profit was mainly because of a foreign exchange gain of Rs 128 crore in Q1 as compared to a foreign exchange loss of Rs 4,024 crore,’ IOC Chairman B Ashok. Also, it gained Rs 745 crore from RBI currency swap window, Rs 348 crore from writeback on trust receivables and Rs 556 crore on savings in interest outgo on borrowing, he said adding these gains were partially offset by Rs 1,028 crore provision for tax versus nil in Q1 last fiscal. IOC lost Rs 15,328.34 crore on selling diesel, domestic LPG and kerosene at government controlled rates in April-June this year.
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