Oil India has reported a 10% year-on-year decline in first quarter profit to Rs 1,467 crore on higher levies and expenses.
Revenue rose 26% to Rs 5,840 crore in the April-June quarter.
Operating profit from the oil business rose only 7% to Rs 1,602 crore even as revenues from this segment increased 25% year-on-year. Benchmark oil prices were higher in the April-June quarter from a year earlier. Operating profit in the natural gas segment increased 24% to Rs 766 crore. Gas revenue rose 28%.
Excise duty paid by the company rose to Rs 508 crore in the quarter from Rs 113 crore in the year-ago period while other statutory levies increased to Rs 1,434 crore from Rs 1,225 crore. ‘Other expenses’ expanded to Rs 428 crore from Rs 191 crore.
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