Indian Oil reports net loss of Rs 272.3 crore in September quarter

India’s largest oil PSU, Indian Oil Corporation, will report a net loss of Rs 272.3 crore on Saturday, compared to a net loss of Rs 1,992 crore in the June quarter.

Analysts in a CNBC-TV18 poll expected the company to report a net loss of Rs 14,476 crore for the July-September period. The company’s revenue is also expected to fall 23% as it is expected to post an operating loss for the quarter.

The EBITDA loss amounted to Rs 1,960 crore, up 44.2% from the previous quarter. The company’s margin increased 30 basis points to 0.9% from 0.6%.

Brokerage firm Nirmal Bang downgraded Indian Oil to accumulate from its earlier buy rating, saying the company is likely to report the worst result among the three OMCs.

CNBC-TV18 exclusively reported this week that oil marketing companies may seek government intervention as they are weighed down by fuel being recovered. Sources said the combined underrecoveries for LPG and fuel are over Rs 1 lakh crore.

The under-recovery corresponds to the difference between the cost and the selling price of the fuel. If the selling price is lower than the cost price, the under-recovery is higher.

On Oct. 28, shares of the oil major traded near their 52-week low of Rs 65.20. Indian Oil Corporation shares have fallen nearly 10% this year and .