Oil India fourth-quarter profit drops 96% to Rs 19 crore as one-time charge weighs

State-run Oil India Ltd posted a 96 percent fall in fourth-quarter profit, hurt by a one-time charge realised on the pre-discount and post-discount price of crude oil paid to a state government.

Net profit was Rs 19.31 crore ($2.99 million) in the quarter ended 31 March, compared with Rs 470 crore a year earlier, the company said on Monday.



Analysts on average had expected the oil and gas explorer, which also owns assets in the United States and Africa, to post a profit of Rs 5.70 crore, according to Thomson Reuters data.

The company said it recognised a differential royalty of Rs 1,152 crore in the March quarter which had been paid earlier to the State Government of Assam.

Published Date: May 29, 2017 18:09 PM | Updated Date: May 29, 2017 18:09 PM