Indian Oil reports first-ever back-to-back quarterly loss at ₹272 crore

State-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of ₹272.35 crore for the second quarter of financial year 2022-23. This is the first time when IOC has booked losses in two straight quarters. Earlier in the April-June quarter the company reported a loss of ₹1,992.53 crore. IOC reported a net profit of ₹6,360.05 crore for Q2 FY22.