State-owned Oil India Ltd today reported 96 per cent drop in its March quarter net profit after it brought on books the additional royalties paid to Assam and Arunachal Pradesh. Net profit in the January-March quarter of last fiscal was Rs 19.31 crore (Rs 0.25 per share), 96 per cent lower than Rs 470.13 crore (Rs 5.88 a share) in the same period of 2015- 16, OIL Chairman and Managing Director Utpal Bora told reporters here. “The profit was down because of two counts – one Rs 1,152 crore of royalty payments to Assam and Arunachal Pradesh following court directives were accounted in the quarter. And secondly, reduction in natural gas price reduced our revenues,” he said. Read more
Credits:financialexpress.com
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