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Oil India: Oil India Q4 success: Corporation back again in black on lessen taxes posts net profit of Rs 926 crore

NEW DELHI: Condition-owned Oil India Ltd (OIL) has documented a net profit of Rs 925.64 crore for the March quarter as opposed to a loss final 12 months as reduced company tax offset a dip in oil and gasoline costs.
Net profit in January-March at Rs 925.64 crore compares with a loss of Rs 208.54 crore in the same period of time a year back again, the corporation mentioned in a assertion.
The business claimed it opted for the new concessional tax routine, having to pay an effective tax rate of 25.17 per cent in lieu of offering up exemptions. Latest company tax rate is 35 per cent.
“This has resulted in reversal of deferred tax liability of Rs 821.01 crore during 2019-20,” the assertion explained.Â
The decreased tax rate offset drop in revenue from slump in oil and gasoline prices.
“Crude oil price realisation through Q4 (January-March) of FY20 and FY 2019-20 obtained adversely affected owing to slide in global crude oil charges since of Covid-19 and collapse in being familiar with between OPEC and Russia on continued production cuts,” it stated.
Regular crude oil price realisation throughout January-March (Q4 FY 2019-20) was USD 52.18 for each barrel, which was reduce by 15.51 per cent as in contrast to a price realisation of USD 61.76 a barrel in the course of Q4 FY2018-19.
Full revenue was up marginally to Rs 3,583.72 crore in Q4 from Rs 3,583.72 crore a 12 months back.
For the comprehensive 2019-20 fiscal, the company’s net profit was virtually unchanged at Rs 2,584.06 crore on a revenue of Rs 13,648.71 crore.
Ordinary crude oil price realisation was decrease by 11.31 for each cent to USD 60.75 for each barrel in 2019-20, as in contrast to USD 68.50 in the course of 2018-19.
Average pure gas price realisation in the course of 2019-20 enhanced to USD 3.46 for every million British thermal unit as compared to USD 3.21 for the duration of the preceding fiscal.
OIL reported crude oil production dipped 5.7 for every cent to 3.134 million tonnes in FY20. Having said that, production for Q4 was 1.48 per cent increased at .758 million tonnes as in comparison to .747 million tonnes in Q3 2019-20.
Purely natural gas production in the course of FY 2019-20 was marginally lessen at 2,801 million regular cubic meters as compared to 2,865 mmscm through 2018-19.
The board of OIL has declared a closing dividend of 16 for every cent (Rs 1.60 for every share) for 2019-20.
“OIL has availed the option of (tax dispute resolution plan) Direct Tax Vivad se Vishwas Plan, 2020 for settlement of its pending Profits Tax disputes which is pending for approval of designated authority,” the assertion said, without the need of providing information.
On the blowout at a gasoline producing properly in Baghjan field in Assam, OIL claimed initiatives to control it are going on.
“Groups of OIL, ONGC and intercontinental specialist are working to control the effectively at the earliest,” it mentioned. “Because of to blow out, there is production loss of about 80,000 common cubic meters for each day of all-natural gasoline which is only about 1 per cent of OIL’s everyday normal gasoline production.”

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