New Delhi, July 31 -- State-run Indian Oil Corporation (IOC) reported a standalone net loss of Rs 2,661 crore for the first quarter of FY27, compared with a net profit of Rs 5,689 crore in the corresponding quarter last year, as rising crude oil prices following the West Asia conflict weighed on the company's profitability.

The company, however, reported a 26 per cent year-on-year increase in revenue from operations to Rs 2,75,972 crore during the April-June quarter, up from Rs 2,18,608 crore in the same period of FY26.

In a press release issued on Friday, Indian Oil said, "Decrease in Profitability is mainly on account of rise in crude cost due to West Asia conflict."

Operationally, the company posted its highest-ever first-quarter cr...