Increased statutory levies coupled with higher subsidy outgo has pulled down Oil India Ltd’s net profit for the third quarter of the current fiscal by 7.26 per cent against the same quarter previous year.

The net profit for the quarter stood at Rs 940.29 crore against Rs 1,013.89 crore in the same quarter last fiscal. OIL subsidy outgo – to compensate the public sector oil marketing companies for selling petroleum products at controlled price – during the quarter was higher by 5.17 per cent against the same quarter last fiscal at Rs 1,948.76 crore.

The additional burden due to increase in cess amount was Rs 569 crore, the company said.

The gross crude oil price realisation for quarter was $108.59/barrel ($110.07/barrel in the same quarter last fiscal). The gross realisation during nine month was $109 /barrel ($112.79/barrel in the same period last fiscal).

The turnover for the third quarter was Rs 2,516.82 crore (Rs 2468.52 crore during the corresponding quarter last year), a slight increase of 1.96 per cent from the same period last year. The turnover for nine months period of the fiscal was Rs 7,475.82 crore as compared to Rs 8,061.11 crore during the corresponding period last year, showing a decrease of 7.26 per cent. The decrease in turnover was mainly due to higher sharing of under recovery on crude oil, it said.

The board of directors declared an interim dividend of 110 per cent — Rs 11 a share for the financial year 2012-13.

(This article was published on February 12, 2013)
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