Oil India Limited (OIL) has reported a ₹925.64 crore net profit for the fourth quarter of financial year 2019-2020. The company had reported a loss of ₹208.54 crore for the same period of the previous financial year.

"The higher profit was on account of OIL adopting the new concessional tax regime introduced by Section 115BAA of Income Tax Act,1961 for the financial year 2019-2020. The effective tax rate under the new regime would be 25.17 per cent. This has resulted in reversal of deferred tax liability of ₹ 821.01 crore during 2019-2020," a company statement said.

Total income for the quarter stood at ₹3,583.72 crore, up from ₹3,506.11 crore in the corresponding quarter of last fiscal.

The company Board has recommended a final dividend of 16 per cent or ₹1.60 per share for fiscal 2019-2020.

For the full financial year 2019-2020, net profit stood at ₹2,584.06 crore, down from ₹2,590.14 crore shown in the previous financial year 2018-2019.

Total income for fiscal 2019-2020 was reported at ₹13,648.71 crore, down from ₹15,170 crore during fiscal 2018-2019.

“Crude oil price realisation during the fourth quarter of 2019-2020 got adversely affected due to fall in international crude oil prices because of COVID-19 and collapse in understanding between OPEC and Russia on continued production cuts," the statement said.

Crude oil price realisation for the quarter stood at $52.18 a barrel, down from $61.76 a barrel in the corresponding quarter of the previous fiscal.

For the full financial year 2019-2020, crude oil price realisation was at $60.75 a barrel, down from $ 6850 a barrel in 2018-2019.

OIL also said that one of the gas producing wells in Baghjan field suddenly became very active while work was on.

The effort to control the blowout is going on. Due to blow out, there is production loss of about 80,000 standard cubic meters per day of natural gas which is only about 1 per cent of OIL’s daily natural gas production, the statement added.

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