Oil India Q2 results: Profit drops 80% to ₹325 crore
Oil India on Wednesday reported an over 80% drop in second-quarter profit as it set aside ₹2,363 crore for an ongoing litigation. Profit for the quarter ended Sept.
30 dropped to ₹325 crore from ₹1,721 crore an year ago. However, profit before tax from its crude oil segment rose nearly 42%, while its natural gas segment rose over 24%, it said in a statement.
Oil India took on charges related to an ongoing litigation over a service tax demand raised in the states of Assam, Arunachal Pradesh and Rajasthan. The company continues to contest such disputed matters before various forums, it said.
Revenue for the quarter rose 2.4% to ₹5,913 crore. Peer Oil And Natural Gas Corporation Ltd is expected to report results on Friday.
Oil India shares settled 0.3% lower ahead of the earnings while rose 49.2% this year, compared to a 6.8% rise in the Nifty Energy Index. The company's board also declared an interim dividend of ₹3.50 per share.Milestone Alert!
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