Oil India (OIL) today reported a decline of 32.25 per cent in net profit at Rs 501.11 crore in the June quarter.

The company had a net profit of Rs 739.69 crore in the same quarter previous fiscal, OIL said in a filing to the Bombay Stock Exchange (BSE).

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The company has allowed a discount Rs 729.68 crore on the sale of crude oil and LPG for the quarter ended June 2010.

Accordingly, the sales revenue in respect of crude oil and LPG are net of the aforesaid discounts, the filing added.

Shares of OIL today closed at Rs 1,343.25 on the BSE, up 0.53 per cent from previous close.

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