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