Oil India reports marginal dip in Q4 profit to Rs565.62 cr1 min read . Updated: 30 May 2015, 09:39 PM IST
Oil India's turnover rose 27% in Q4 to `2,978.01 cr, the company said in a filing to the stock exchanges
New Delhi: State-owned Oil India Ltd said on Saturday that March quarter net profit has dropped marginally to ₹ 551.72 crore from ₹ 565.62 crore in the same period a year ago.
Its turnover rose 27% to ₹ 2,978.01 crore, the company said in a filing to the stock exchanges.
The dip in net profit was despite the fact that the company was not required to pay any fuel subsidy in the quarter and its net profit realization on crude sales rising 43.5% to $53.64 per barrel.
In the March quarter of fiscal year 2014, the company had to shell out ₹ 2,347.61 crore to help fuel retailers sell domestic LPG and kerosene at government controlled rates. The subsidy payout meant that its net price realization was $37.36 per barrel.
Oil India said crude oil production in the period under review rose to 0.839 million tonnes from 0.788 million tonnes in the same period a year ago. Natural gas production was also marginally higher at 0.664 billion cubic meters as against 0.624 bcm in the same period of the previous fiscal. PTI