State-owned Indian Oil Corp (IOC) has surpassed the 3 lakh crore rupees barrier by clocking 328,744 crore rupees turnover in 2010-11 fiscal. Speaking to reporters in New Delhi, IOC Chairman R S Butola said the company posted 29.7 per cent drop in net profit for the fourth quarter ended March 31st. He said net profit in the January-March quarter stood at 3,905.16 crore rupees from 5,556.77 crore rupees a year ago. Mr Butola informed IOC had to absorb 4,845 crore rupees of loss on fuel sales during 2010-11 fiscal after accounting for cash subsidy from the government and assistance from upstream firms .He said the company is still losing 4.58 rupees per day on petrol even after the steep 5 rupees a litre hike from 15th of this month. Our correspondent reports, IOC now has a refining capacity of 65.7 million tons, higher than 62 million tons of Reliance Industries.