Oil India Q3 net up 23%

Net profit in October-December quarter at Rs 717.28 crore was 23.48 per cent higher than Rs 580.87 crore in the same period a year-ago, OIL Chairman and Managing Director N M Borah told reporters here.

OIL got US$ 58.78 per barrel for the crude oil it produced in the third quarter after paying a fuel subsidy of US$ 15.11 per barrel. The company had in the year-ago period realised USD 37.48 per barrel after paying the fuel subsidy of US$ 16.79 per barrel.

Borah said, the company’s fuel subsidy outgo had declined by about 11 per cent to Rs 467.62 crore in the third quarter against a pay out of Rs 524.84 crore in the third quarter of previous fiscal.

Turnover rose 44.55 per cent to Rs 2,084.44 crore in the third quarter.