OREANDA-NEWS. August 10, 2011. Indian Oil Corporation Ltd. (IndianOil)’s Gross Turnover for first quarter of the current financial year ended June 2011 rose by 27.9% to Rs. 99,757 crore from Rs. 77,972 crore during the same period last year. The Corporation has posted a loss of Rs. 3,719 crore for the first quarter of 2011-12 as compared to a loss of Rs. 3,388 crore for the same quarter of the previous year. The loss is mainly on account of under-recovery on sale of regulated products.

The unaudited financial results of the Corporation were taken on record at the meeting of the Board of Directors here today. The under-recovery on account of non-realisation of market-related prices for Diesel, PDS Kerosene and LPG (Domestic) for the quarter was Rs. 7,673 crore.

Mr. RS Butola, Chairman, IndianOil, said, “IndianOil sold 19.259 million tonnes of products, including exports, during the first quarter of 2011-12. Our quarterly refining throughput was 14.306 million tonnes and the throughput of the Corporation’s countrywide pipelines network went up by 2.792 million tonnes to 19.281 million tonnes as compared to the corresponding quarter of the previous year. The gross refining margins during the first quarter were USD  4.706.”