OREANDA-NEWS. November 9, 2011. Indian Oil Corporation Ltd. (IndianOil)’s Gross Turnover for the second quarter of the current financial year ended September 2011 rose by 25.5% to Rs. 93,868 crore from Rs. 74,766 crore during the same period last year. The Corporation has posted a loss of Rs. 7486 crore for the second quarter of 2011-12 as compared to a profit of Rs. 5294 crore for the same quarter of the previous year. The loss is mainly on account of increase in unmet under-recoveries and increase in interest expenditure.

For the six month period of April-September 2011, the Gross Turnover rose by 26.8% to Rs. 1,93,625 crore from Rs. 1,52,738 crore during the same period last year. The Corporation has posted a loss of Rs. 11,204 crore for the first half of 2011-12 as compared to a profit of Rs. 1906 crore for the same period of the previous year.

The unaudited financial results of the Corporation were taken on record at the meeting of the Board of Directors here today. The unmet under-recovery on account of non-realisation of market-related prices for Diesel, PDS Kerosene and LPG (Domestic) for the quarter was Rs. 7837 crore and Rs. 15,509 for the six-month period of April-September 2011.

Mr. RS Butola, Chairman, IndianOil, said, “IndianOil’s product sales volumes, including exports, rose by 4.6% to 17.693 million tonnes during the second quarter of 2011-12. Our quarterly refining throughput went up by 7.5% to 13.046 million tonnes as compared to the corresponding quarter of the previous year. The throughput of the Corporation’s countrywide pipelines network went up by 2.211 million tonnes to 17.755 million tonnes as compared to the corresponding quarter of the previous year.”