Oil India posts 72% increase in Q4 net profit

For FY13 however, net profit was up only 4% Rs 3,589 cr against Rs 3,447 cr during FY12

State-run Oil India posted a 72 per cent increase in net profit for the fourth quarter of this fiscal at Rs 764.55 crore against Rs 444.81 crore reported in the year-ago period.

For FY13, however, the company’s net profit was up only four per cent at Rs 3,589.34 crore against Rs 3,446.92 crore during FY12.

The company posted a 37 per cent increase in turnover at Rs 2,471.75 crore against Rs 1,802.12 crore in the year-ago period.

During the year, it paid subsidy of Rs 7,892.17 crore to oil marketing companies against Rs 7,351.77 crore paid during FY12.

Crude oil production during the year was 3.70 million metric tonnes compared to 3.884 million metric tonnes FY12, lower by 4.71 per cent.

"Reason for shortfall in crude oil production during FY13 was due to environmental problems beyond the control of the Company. Almost 290 incidents of blockades/bandhs had affected the Company’s drilling and production operations," the company said in a press statement.