We would be happy if the crude prices are low: Utpal Bora, Oil India

We would be happy if the crude prices are low: Utpal Bora, Oil India

ET Now: Let us talk about the key highlights for the quarter gone by?

Utpal Bora: Actually we had to bear an amount of Rs 1152 crores as a differential royalty payment to the government of Assam and Arunachal Pradesh for the period of February 20114 to March 2016. And that was an amount of Rs 1152 crores so that had a big bite on our profitability. Last year, the profit was Rs 2300 crores and this year the profit is down to Rs 1548 mainly because of this. And another important factor was the reduction in natural gas price from 4.24 per unit to 2.78 during the last year. So these two were the main reasons for our profitability going down. Had we not been hit by this our profitability would have been Rs 2379 crores. And we are hit in the fourth quarter because we took into account this as expense in the fourth quarter. And fourth quarter profitability would have been around Rs 751 crores and against that we have a profit of just Rs 19 crores because of this hit.

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