Oil India reports marginal dip in Q4 profit to Rs 566 cr

Dip despite company not having to pay fuel subsidy and net realisation on crude sales rising 43.5% to $53.64 a barrel

State-owned Oil India Ltd today 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 per cent 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 per cent to $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 $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.