Companies

Higher crude oil prices lift Oil India net by 33% at ₹862.01 cr

Our Bureau New Delhi | Updated on November 12, 2018 Published on November 12, 2018

Oil India Limited has reported a ₹862.01 crore net profit for the second quarter of the financial year 2018-2019. This is 33 per cent higher than the ₹645.97 crore net profit reported by the company in the corresponding period of the last financial year.

Total income was higher as well, at ₹4031.41 crore during the period under review, compared with ₹2804.73 crore in the same period of fiscal 2017-2018. The increase in the crude oil price has reflected in the earnings of the company.

Shares of the company closed 0.33 per cent lower at ₹198.95 a scrip, on the BSE during intraday trade on Monday. Profit before tax from crude oil sold during the quarter stood at ₹1,307.34 crore, nearly double the ₹707.95 crore gains reported in the comparable period of the previous fiscal.

In a regulatory filing, the company said, “The pay revision of unionised employees is due with effect from January 1, 2017 and is under finalisation. A provision of ₹265.01 crore has been made in the accounts towards pay revision.”

Oil India also said that it is contesting a tax levy on the royalty paid on crude oil and natural gas levied under the Oil Fields (Regulation & Development) Act, 1948. The Directorate General of Goods and Service Tax Intelligence has levied a tax on the royalty paid to Assam, Arunachal Pradesh and Rajasthan for the period from March 2016 to June 2017.

Published on November 12, 2018
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