Oil India net profit drops 95%

This is despite posting highest-ever crude oil production of 3.277 million tonnes

State-run Oil India Ltd (OIL) has posted a 95 per cent drop in net profit for the March quarter to Rs 19.3 crore, against Rs 470 crore during the same period last year.

“The major reasons for our drop in profit was due to a one-time differential royalty on crude oil of Rs 1,152 crore which has been paid to the government of Assam and Arunachal Pradesh during the period. Similarly, lower crude oil and natural gas price and a higher wage payout of Rs 660 crore also played its part. The profit after tax would have been higher by