New Delhi: Indian Oil Corporation Ltd. (IndianOil) has suffered a loss of Rs. 22,451 crore for the first quarter of the current financial year ended June 2012 as compared to a loss of Rs. 3,719 crore for the corresponding quarter of the previous year. The losses in the current quarter are mainly due to:

a) Unmet under realisation of Rs. 17,485 crore on sale of HSD, SKO (PDS) and LPG (Domestic) in the absence of sanction of budgetary support from Government of India.

b) Foreign Exchange loss of Rs. 3,187 crore.

c) Inventory valuation loss of Rs. 4,062 crore affecting Gross Refining Margin.

d) Higher Interest cost of Rs. 1,849 crore due to delay in receipt of compensation from Government of India.

The unaudited financial results of the Corporation were taken on record at the meeting of the Board of Directors here today. The Gross Turnover for the first quarter of the current financial year ended June 2012 has increased by 12.4% to Rs. 101,936 crore from Rs. 90,713 crore during the same period last year.

Mr. RS Butola, Chairman, IndianOil, said, "IndianOil sold 19.443 million tonnes of products, including exports, during the first quarter of 2012-13. Our quarterly refining throughput was 13.579 million tonnes and the throughput of the Corporation's countrywide pipelines network was 18.583 million tonnes. The gross refining margin during the first quarter was US$ (4.81) per bbl which was mainly on account of Inventory valuation loss of Rs. 4,062 crore which translates to $ 7.54 per bbl".