OIL Q4 net up 509%

Government-owned oil exploration and production company Oil India Ltd (OIL) has posted a 509 per cent jump in its net profit for the fourth quarter ended March 31 on lower subsidy burden. Net profit for the quarter was Rs 431 crore, while net sales rose 34 per cent to Rs 1,832 crore. For the year 2009-10, the net profit grew over 20 per cent to Rs 2,610 crore. Net sales for the year increased over nine per cent to Rs 7,905 crore. Under the government’s subsidy sharing mechanism, OIL had to bear a subsidy of Rs 1,548 crore during the year towards petrol and diesel losses of oil marketing companies. This subsidy is over 48 per cent lower to Rs 3,023 crore in 2008-09.