Oil India has posted a marginal rise (1.56 per cent) in its gross income at Rs. 11,456.32 crore in the year ended March 31, 2013, against Rs.11,279.90 crore in the previous financial year.
The net profit rose by 4.13 per cent to Rs. 3,589.34 crore from Rs., 3,446.92 crore. The rise was mainly due to higher natural gas sales, the company said in a release. In the fourth quarter ended March 31, 2013, the gross income was Rs. 2,841.15 crore against Rs. 2,138.34 crore and the net profit after taxation Rs. 764.55 crore against Rs. 444.81 crore. The company has recommended a final dividend of Rs. 7 per share. It had already paid two interim dividends of Rs. 11 and Rs. 12 during the year under reference.
During the financial year, crude oil production was lower by 4.71 per cent 3.70 million tonnes as compared to 3.884 million tonnes in the previous year. The company has attributed the reason for the shortfall to environmental problems. Almost 290 incidents of blockades/bandhs had affected the company’s drilling and production operations, the company said.
During 2012-13, the subsidy sharing by the company towards OMCs under recovery has increased by 7.35 per cent to Rs. 7,892.17 crore as compared to Rs. 7,351.77 crore during 2011-12.
Due to lower international crude oil prices the gross realisation of crude oil for the 2012-13 was $ 109.58 per barrel compared to $ 114.65 in the previous financial year. .