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Lower global crude price and production pulled Oil India Ltd first quarter 2013-14 net profit down by 34.50 per cent. OIL reported net profit of Rs 609.08 crore (Rs 929.93 crore) during April-June 2013.
Interestingly, the subsidy burden on Oil India reduced by 1.66 per cent to Rs 1,982.06 crore (Rs 2,015.52 crore) during the first three months of the current financial year.
“Due to lower international crude oil price, the gross crude oil price realisation for the first quarter in 2013-14 is 7.20 per cent lower to $101.88 a barrel compared with $109.78 a barrel in the same months last,” the company said in a statement.
The explorer’s turnover dipped by 14.01 per cent to Rs 2097.77 crore (Rs 2439.63 crore).
OIL produced marginally less crude oil during first quarter of 2013-14 at 0.903 million tonnes (0.946 mt). On the other hand, gas output was reported 4.95 per cent higher at 657 million metric standard cubic metres (mmscm) in the first quarter 2013-14 against during 626 mmscm in the same months previous year.
siddhartha.s@thehindu.co.in
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