New Delhi: State-owned Oil India Ltd on Saturday said March quarter net profit has dropped marginally to Rs 551.72 crore from Rs 565.62 crore in the same period a year ago.
Its turnover rose 27 percent to Rs 2,978.01 crore, the company said in a filing to the stock exchanges.
The dip in net profit was despite the company not being required to pay any fuel subsidy in the quarter and its net profit realisation on crude sales rising 43.5 percent to USD 53.64 per barrel.
In the last quarter of 2013-14, the company had to shell out Rs 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 realisation was USD 37.36 per barrel.
OIL 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.
