Net profit in April-June quarter fell to Rs 775.42 crore, or Rs 12.90 per share, from Rs 851.87 crore, or Rs 14.17 a share, in the same period a year ago, OIL chairman U P Singh said.
The decline was primarily because of other expenses rising to Rs 574 crore in the first quarter of current fiscal as compared to Rs 391 crore a year ago.
This included rise in dry well expense from Rs 9 crore to Rs 57 crore and provisioning for unfinished work commitments rising to Rs 128.31 crore from Rs 40.57 crore.
OIL got a gross price of USD 61.85 per barrel on sale of crude oil and after accounting for fuel subsidy discounts, the net realisation was USD 57.42 a barrel. This was better than net realisation of USD 52.35 per barrel in April-June last year after paying USD 56 in subsidy discounts.
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Singh said there was a foreign exchange gain of Rs 167 crore.
Meanwhile, OIL shares closed 0.52 per cent down at Rs 449.05 apiece on the BSE today.