OIL net jumps six-fold on price, volume

State-owned OIL has reported a six-fold jump in its net profit at Rs 431 crore for the quarter ended March 31, over the same period last year.

State-owned Oil India Ltd (OIL) has reported a six-fold jump in its net profit at Rs 431 crore for the quarter ended March 31, over the same period last year.

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The company had a net profit of Rs 70.8 crore in the same quarter ended March 2009. “Increased volumes along with better net price of realisation and forex earnings contributed to this increase in the fourth quarter of 2009-10,” OIL chairman and managing director N M Borah told reporters at a press conference.

Total operating income rose to Rs 1,870 crore for the January-March quarter from Rs 1,400 crore in the same quarter in the previous fiscal.

The board has proposed a final dividend of Rs 16 per share or 160 per cent.