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Oil India Limited has reported a net loss of ₹208.54 crore for the fourth quarter ended March 31, 2019. The company had reported a profit of ₹866.50 crore in same quarter of the previous financial year.
A company official said that the loss is due to provisioning against employee pension scheme (EPS 95). Oil India has reported a one time actuarial deficit of ₹1,026.79 crore, which has been shown as exceptional item against EPS 95 in an official statement to the exchanges.
Total income during the quarter under review fell by 7.37 per cent to ₹3,506.11 crore. The company has recommended a final dividend of 17.50 per cent (₹1.75 on equity share of ₹10 each) for FY 2019.
Output dips
An OIL statement said, “Crude oil production for financial year 2018-19 is 3.32 million tonnes, which is 2 per cent lower than the 3.39 mt produced during the previous year due to environmental reasons. Natural gas production was 2,865 million standard cubic meters (mscm) (2,894 mscm) due to short upliftment of natural gas by certain consumers.”
On a consolidated basis, in FY19, total income was at ₹14,907.31 crore (₹11,707.81 crore). For the Oil India group, net profit for 2018-19 was ₹3,237.80 crore (₹2,734.64 crore), up 18.40 per cent.
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