IOC absorbed Rs 7,192 crore after the government did not pay full subsidy for selling diesel, cooking gas (LPG) and kerosene at rates lower than cost.
Indian Oil Corporation (IOC), on Thursday, reported a net loss of Rs.961.45 crore for the third quarter ended December 31, 2013.
Addressing a press conference here, IOC Chairman R. S. Butola said the gains from the foreign exchange component were negated due to less payment of subsidy. “The company posted losses mainly on account of higher absorption of under recoveries on sale of sensitive petroleum products,”' he added.
IOC had posted a net profit of Rs.3,331.96 crore in the same period a year ago.
The corporation absorbed Rs.7,192 crore after the government did not pay full subsidy for selling diesel, cooking gas (LPG) and kerosene at rates lower than cost.
The company had lost Rs.20,697.62 crore on selling diesel and cooking fuel below cost in the third quarter this fiscal.
The government paid Rs.5,173 crore as cash subsidy, and it got another Rs.8,261 crore from upstream firms such as ONGC, leaving an unmet gap of Rs.7,192 crore. The company made an exchange gain of Rs.1,133 crore. It had lost Rs.1,295 crore in foreign exchange in the third quarter of last fiscal.
Hindalco on Thursday, reported a net profit of Rs.334 crore for the third quarter of 2013-14 which is a drop of 23 per cent over the December quarter 2012-13 owing to higher tax which was at Rs.135 crore (Rs.109 crore).
Revenue rose 6 per cent to Rs.7,273 crore driven by larger volumes with operating profit up 8 per cent at Rs.629 crore owing to improved operating efficiencies.
Aluminium business contributed Rs.2,471 crore to the total revene. The share of copper business was up 21 per cent at Rs.4,817 crore.
Coal India Ltd. (CIL) closed the third quarter with a lower profit of Rs.3,894 crore against Rs.3,052.4 crore in the previous quarter and Rs. 4,395.1 crore a year ago. Sales turnover stood at Rs.16,926.1 crore against Rs. 17,325.4 crore a year ago.
However, production at 118.7 million tonnes during the quarter was marginally higher than a year ago.
Bharat Petroleum Corporation Ltd. (BPCL) has reported a net loss of Rs.1,089 crore for the third quarter ended December 31, 2013, as compared to a net profit of Rs.1,648 crore in the year ago period. Sales income increased to Rs.64,768 crore from Rs.62,369 crore. The loss was mainly on account of delay in subsidy payment by the government.
During the quarter BPCL absorbed subsidies of Rs.3,403 crore resulting in loss.
Ramco Cements has reported a 3.7 per cent decline in its revenue from operations to Rs. 870.01 crore for the quarter ended December 31, 2013 from Rs. 903.40 crore in the same period in the previous year. The net profit was sharply down at Rs. 25.59 crore against Rs. 83.60 crore in the year-ago period.
United Bank of India has reported a loss of Rs.1,238.08 crore for the quarter ended December 31, 2013, against a net loss of Rs.489.50 crore in the quarter ended September 30, 2013. It made a profit of Rs.422 crore in the year-ago period. Provisions (other than tax) and contingencies stood at Rs.1,857.83 crore during the quarter under review against Rs.987.35 crore in the previous quarter and Rs.450 crore in the year-ago period.
Significant growth in the formulations and other segments has pushed the profit of Natco Pharmaceuticals by 32 per cent. The profit after tax was up at Rs.30 crore in the third quarter ended December 31, 2013, against Rs.22.6 crore in the year ago period. Revenue has registered a 14.5 per cent growth and stood at Rs.203 crore compared to that of Rs.177 crore in the year ago period.
Ramco Systems has reported a quarter-on-quarter growth of 8 per cent in its global revenues at Rs. 67.65 crore (consolidated) in the third quarter ended December 31, 2013 against Rs. 66.20 crore in the second quarter. The growth was marginal at 2.1 per cent year-on-year. The company registered a loss of Rs. 5.49 crore in the third quarter against a loss of 6.94 crore in the corresponding period in the previous year.