The company had a foreign exchange gain of INR 282.5m ($4.4m) to thank compared to a reduction of INR 679m last time round.
As a result Varun cut its net loss for the three months to 30 September to INR 550m from INR 1160bn in the third period of 2012.
But on an operating level the tanker, gas carrier and offshore vessel owner’s deficit spiralled to INR 377.8m
