Oil India Q4 net profit falls 96% to Rs 19 crore

It was hurt by one-time charge on pre- & post-discount price of crude oil paid to a state govt

State-run Oil India posted a 96 per cent fall in fourth-quarter profit, hurt by a one-time charge realised on the pre-discount and post-discount price of crude oil paid to a state government.

Net profit was Rs 19.31 crore ($2.99 million) in the fourth quarter of the financial year (FY) 2016-17, compared with Rs 470 crore a year earlier, the company said on Monday. 

Analysts on average had expected the oil and gas explorer, which also owns assets in the United States and Africa, to post a profit of 5.70 billion rupees, according to Thomson Reuters data.

The company said it recognised a differential royalty of Rs 1,152 crore in the March quarter which had been paid earlier to the State Government of Assam.