“The navratna company had posted standalone net profit of Rs 470 crore in the year ago period,” said Oil India in a filing to Bombay Stock Exchange.
The standalone total income rose by 35.3 per cent to Rs 3,309 crore in Q4 FY17 compared to Rs 2,445 crore in Q4 FY16.
“The reduction in PAT was primarily due to one-time differential royalty paid on crude oil to the government of Assam and Arunachal Pradesh worth Rs 1,152 crore for Feb 2014 to 2015-16,” the company said in a statement.
The net crude price realised by OIL during Q4FY 2016-17 was USD 52.50/bbl which was 61 per cent higher than the price realised during Q4 2015-16.
During the quarter under review, the company posted crude oil production of 0.832 million metric tonnes (mmt) from 0.781 mmt in same quarter of 2015-16. Natural gas production also saw a marginal rise to 0.725 billion cubic metres (bcm) from 0.718 bcm in the previous quarter of the financial year.
For FY 2016-17, the company has posted net profit of Rs 1,549 crore against total income from operations of Rs 9,510 crore.
The company in a separate release said that its board has recommended a final dividend of Rs 4.75 per share (i.e. 47.50 %) for the financial year 2016-17 subject to the approval of the shareholders in the ensuing AGM.
Meanwhile, shares of company were trading 0.70 per cent higher at Rs 308.95 apiece on the BSE at 13:00 hours.